Special Notes:
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 Spring 2008 Employee Plans News describes when to use Form 5307 or Form 5300 for adopting employers of pre-approved plans and contains a link to a list of Recent Guidance that May Require Interim or Discretionary Amendments, containing guidance identified on the 2007 Cumulative List that was not on earlier Cumulative Lists, as well as guidance issued between October 1, 2007, and February 15, 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.
The Winter 2008 Employee Plans News announced that the 2007 Interim and Discretionary Amendments had been updated.
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 that were timely submitted for EGTRRA opinion or advisory letters by January 31, 2006.
More information on pre-approved plans and individually designed plans is available, including resources for drafting plans and applying for opinion and advisory letters.
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