IRS Updates FAQs for Employers Adopting Pre-Approved Plans

The IRS has updated its frequently asked questions (FAQs) page for employers adopting pre-approved retirement plans.

Among the recent additions to the FAQs is a reminder that April 30, 2020, is the deadline to adopt a pre-approved defined benefit plan restated for items on the 2012 Cumulative List of Changes in Plan Qualification Requirements, which Notice 2012-76 sets forth. And questions were updated per Revenue Procedure 2019-4 concerning the following:

• how to notify the IRS that changes were made to a pre-approved document;
• whether one needs to include copies of discretionary plan amendments with an application for a new determination letter on a volume submitter plan;
• whether an adopting employer can request a separate determination letter on Form 5307; and
• whether an adopting employer can request a determination letter on Form 5300.

Additional matters the page addresses include:

• how to make the switch from an individually designed plan to a pre-approved plan;
• whether an adopting employer can rely on a pre-approved plan’s opinion or advisory letter, or whether the employer must request its own letter;
• if there will be sufficient time to adopt amendments if one files a determination letter application for my pre-approved plan by the end of the two-year adoption period, and the IRS determines that additional amendments are needed;
• whether one must include copies of interim amendments when filing a Form 5310; and
• what happens when one applies for a determination letter on a pre-approved plan if one has not timely adopted interim amendments