Staggered Remedial Amendment Period Revenue Procedure
Revenue Procedure 2008-56 modifies Revenue Procedure 2007-44 by allowing new or late-filed pre-approved plans that are word-for-word identical to a mass submitter plan to file for letters during the two-year window for adopting employers to adopt pre-approved plans. Rev. Proc. 2008-56 also provides that employers who timely adopt pre-approved plans (including word-for-word plans) have retroactive reliance.
A letter to DOL from the IRS concludes that an M&P sponsor’s amendment to reflect DOL’s guidance in FAB No. 2008-01 regarding fiduciary responsibility for collection of delinquent contributions will not jeopardize the preapproved status of an M&P plan or cause plans of adopting employers to be individually designed.
The most recent list of Recent Guidance that May Require Interim or Discretionary Amendments, contains guidance identified on the 2007 Cumulative List that was not on earlier Cumulative Lists, as well as guidance issued between October 1, 2007, and September 30, 2008.
Announcement 2008-23 states that the Service expects to issue opinion and advisory letters for pre-approved defined contribution plans timely filed for EGTRRA on March 31, 2008, or as soon as possible thereafter in some cases. Employers will be required to adopt the EGTRRA approved document by April 30, 2010. The announcement also describes changes to the determination letter application procedures for pre-approved plans to simplify the application process for many applicants.
Notice 2007-94 contains the 2007 Cumulative List for Cycle C single employer individually designed plans and section 414(d) governmental plans.
Revenue Procedure 2007-44 was issued on June 13, 2007. The revenue procedure clarifies, modifies, and supersedes Revenue Procedure 2005-66, in which the Service established a system of remedial amendment cycles under section 401(b) of the Code for individually designed and pre-approved plans.
The Service has prepared a list of defined contribution pre-approved plans and a list of defined benefit pre-approved plans that were submitted for EGTRRA opinion or advisory letters.
More information on pre-approved plans and individually designed plans is available, including resources for drafting plans and applying for opinion and advisory letters.
Page Last Reviewed or Updated: December 08, 2008