-
-
Qualified plans must be restated for EGTRRA and other items identified on the Cumulative List for each respective cycle by the end of their 5-year cycle (individual) or 6-year cycle (pre-approved). For an individually designed plan, the EGTRRA remedial amendment period generally ends on the last day of the plan's initial applicable 5-year remedial amendment cycle as provided for in section 12.01 of Revenue Procedure 2007-44 (e.g., for a cycle A plan January 31, 2007). For an adopting employer of an M&P or VS plan, the EGTRRA remedial amendment period is generally the end of the initial applicable 6-year remedial amendment cycle as provided for in section 18.01 of Revenue Procedure 2007-44, or if earlier, the end of the announced period (approximately a two year window) for adopting employers to adopt the final approved version of the pre-approved plan.
In general, Rev. Proc. 2007-44 provides that employers who adopt, or certify their intent to adopt, a timely-submitted M&P plan or VS specimen plan by the end of their respective individual 5-year cycle will have until the end of the 2-year window to be announced by the Service upon the issuance of opinion and advisory letters, to adopt the final approved version of the pre-approved plan. For example, in Announcement 2008-23 the Service announced that opinion and advisory letters for pre-approved defined contribution plans would be issued on March 31, 2008, and adopting employers using these pre-approved plan documents to restate a plan for EGTRRA will have until April 30, 2010 to adopt the EGTRRA-approved plan document. Announcement 2008-23 also noted that the end of the plan's remedial amendment cycle for such employers with respect to EGTRRA and the changes in plan qualification requirements on the 2004 Cumulative List is April 30, 2010.
The Service has prepared a separate list of defined contribution, and defined benefit M&P and VS plans to assist employers in determining the expiration of their EGTRRA remedial amendment period. These lists contain the M&P and VS plans that were submitted to the Service for EGTRRA opinion or advisory letters beginning 2-17-05 for defined contribution plans, and for defined benefit plans beginning 2-1-07, in accordance with filing procedures under Revenue Procedure 2005-16.
See also Revenue Procedure 2007-44 as modified by Revenue Procedure 2008-56.
The list includes the name of the M&P sponsor or VS practitioner, the file folder number (FFN) assigned to each plan, and the plan type of each plan submitted. The third digit of the FFN indicates the type of plan being approved as follows - a number 2 or 3, respectively, reflects a standardized or nonstandardized master and prototype plan, while a 5 or 6 depicts a volume submitter plan. The list also includes a letter serial number (lsn) and date. Please note that virtually all of the opinion and advisory letters will be issued at the same time, thus at the date this list is initially issued it will not contain any lsns or dates.
This list will be updated periodically.
How to Use the List
Step 1 - If the employer has adopted, or certified its intent to adopt, an M&P or VS defined contribution or defined benefit plan, verify that the name of the M&P plan sponsor or VS practitioner appears on the appropriate list. If the name does not appear on the list, or if the employer has neither adopted nor certified its intent to adopt an M&P or VS plan, the employer must restate its plan for EGTRRA and other items identified on the applicable Cumulative List by the end of their 5-year cycle (e.g., cycle A plans must amend for those items contained in the 2005 Cumulative List, Notice 2005-101).
Step 2 - Determine if the M&P or VS plan that the employer has adopted, or certified its intent to adopt, has received an EGTRRA opinion or advisory letter. If so, the employer should adopt the EGTRRA approved plan or take other action as provided in section 17 of Rev. Proc. 2007-44, within the time period described in Step 3, below. If the list does not indicate that a letter has been issued or the application withdrawn, then the application for an EGTRRA opinion or advisory letter is still pending (i.e., although virtually all of the pre-approved plans will be issued letters at the same time, there may be some applications still pending which will receive a letter with a later date). Sponsors receiving a later letter will not be entitled to any extension of the 2-year window for employer adoption to be announced by the Service.
Step 3 - The date by which the employer must adopt the EGTRRA approved M&P or VS plan, or take other permitted action to comply with EGTRRA, is the end of the 2-year window announced by the Service.
The term "EGTRRA" refers to the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16.
|