New Pre-Approved Plan Opinion Letter Procedures Issued (Rev. Proc. 2017-41)

The IRS has issued new procedures for issuing opinion letters regarding the qualification in form of pre-approved plans. The new procedure modifies the IRS’s historic approach to pre-approved plans in order to expand the provider market and encourage employers that currently maintain individually designed plans to convert to the pre-approved format. The pre-approved program has been simplified by eliminating the distinction between master and prototype (M&P) and volume submitted (VS) programs and combining the two into a new opinion letter program. In addition, IRS has expanded the types of plans eligible for pre-approved status to afford greater flexibility in the design of pre-approved plans. Finally, the on-cycle submission period for third six-year remedial amendment cycle for providers of pre-approved defined contribution plans is modified so that is begins on October 2, 2017, and ends on October 1, 2018.

Rev. Proc. 2015-36, I.R.B. 2015-27, 20, is modified and superseded in part and Rev. Proc. 2017-4, I.R.B. 2017-1, 146, and Rev. Proc. 2016-37, I.R.B. 2016-29, 136, are modified.

Rev. Proc. 2017-41, 2017FED ¶46,308

Other References:

Code Sec. 401

CCH Reference – 2017FED ¶17,507.2543

CCH Reference – 2017FED ¶17,507.2546

CCH Reference – 2017FED ¶17,929.30

CCH Reference – 2017FED ¶17,507.331

Code Sec. 409

CCH Reference – 2017FED ¶18,951.27

Statement of Procedural Rules Sec. 601.201

CCH Reference – 2017FED ¶43,360.173

CCH Reference – 2017FED ¶43,360.2113

CCH Reference – 2017FED ¶43,360.2116

CCH Reference – 2017FED ¶43,360.212

Tax Research Consultant

CCH Reference – TRC RETIRE: 51,052

CCH Reference – TRC RETIRE: 51,102

CCH Reference – TRC RETIRE: 51,112

AUTHOR

CCHTaxGroup

All stories by: CCHTaxGroup

Leave a Reply

Your email address will not be published.