The IRS has announced that it has updated its Issue Snapshot, an online publication, concerning qualification requirements for non-electing church plans under Code Section 401(a).
The Issue Snapshot notes that such a plan must satisfy certain IRC requirements that were in place before the Sept. 1, 1974 enactment of ERISA in order to be a qualified plan. These include Code sections relevant to vesting as well as participation and coverage. The Issue Snapshot also lists the Code sections that do not apply to non-electing church plans.
The Issue Snapshot also provides audit tips for such plans. These include:
The Issue Snapshot notes that such a plan must satisfy certain IRC requirements that were in place before the Sept. 1, 1974 enactment of ERISA in order to be a qualified plan. These include Code sections relevant to vesting as well as participation and coverage. The Issue Snapshot also lists the Code sections that do not apply to non-electing church plans.
The Issue Snapshot also provides audit tips for such plans. These include:
- Is the plan a non-electing church plan?
- Review the plan document, applications for prior determination letters, prior determination letters, and Form 5500 (if any).
- Determine if a statement was filed pursuant to Treas. Reg. §1.410(d)-1(c).
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