News & Analysis as of

Employee Benefits Determination Letter

McDermott Will & Emery

Opportunity Knocks: At Long Last, IRS Determination Letter Program Opens for 403(b) Plans

McDermott Will & Emery on

The IRS has long permitted sponsors of individually designed pension and 401(k) retirement plans qualified under Section 401(a) of the Code to obtain a favorable determination letter on the status of their tax-qualified...more

Seyfarth Shaw LLP

Coming Soon to Your 403(b) Plan: IRS Determination Letters

Seyfarth Shaw LLP on

Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) announced in Revenue Procedure 2022-40 an expansion to its Determination Letter Program which for the first time will permit individually-designed 403(b)...more

Faegre Drinker Biddle & Reath LLP

New Kids on the Block: IRS Creates Determination Letter Program for Individually Designed 403(b) Plans

The Internal Revenue Service (IRS) has announced that beginning June 1, 2023, it will accept determination letter applications for individually designed 403(b) retirement plans. As background, 403(b) plans are a distinct type...more

Proskauer - Employee Benefits & Executive...

IRS Opens Determination Letter Program to Individually Designed 403(b) Plans

On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). Although...more

Morgan Lewis

Expanded Opportunities: IRS Releases New Determination Letter Program for Individually Designed 403(B) Plans

Morgan Lewis on

The US Internal Revenue Service (IRS) recently issued Revenue Procedure 2022-40 to expand the IRS’s determination letter program to include individually designed 403(b) plans. Previously, the IRS’s determination letter...more

Locke Lord LLP

IRS Expands Determination Letter Program to Include Individually-Designed 403(b) Plans

Locke Lord LLP on

In Revenue Procedure 2022-40, the IRS recently expanded the determination letter program to allow applications by individually-designed 403(b) plans. This expansion will allow 403(b) plan sponsors to request a determination...more

Miller Canfield

Individually Designed 403(b) Plans will be Eligible for Determination Letters

Miller Canfield on

​​​​​​​Plan sponsors of individually designed 403(b) plans will soon be able to submit determination letter applications to the IRS. (Individually designed plans are plans using custom documents that have not been preapproved...more

McDermott Will & Emery

Weekly IRS Roundup May 8 – May 14, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of May 8, 2022 – May 14, 2022... May 10, 2022: The IRS issued a news release, announcing that free...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS increase user fees

The Internal Revenue Service (IRS) has announced increases to user fees for letter rulings and determinations with respect to employee plans. The increases will take effect on January 4, 2021....more

Seyfarth Shaw LLP

Hybrid Plan Filing Reprieve…. Sort of

Seyfarth Shaw LLP on

Seyfarth Synopsis: The IRS published guidance in its Employee Plans newsletter on August 24, 2020, allowing incomplete determination letter applications to be filed by August 31, 2020, with an opportunity to supplement the...more

Groom Law Group, Chartered

IRS Determination Letter Program: Upcoming Deadlines and Recent Developments

The retirement plan community got a shock five years ago when the Internal Revenue Service (“IRS”) dramatically cut back its 60-year-old program of providing employers with the comfort of a determination letter on the tax...more

Seyfarth Shaw LLP

Coronavirus Update – Impact on Employee Benefit Plan Deadlines

Seyfarth Shaw LLP on

Seyfarth Synopsis: The SARS CoV-2 virus (“coronavirus”) has been declared a global pandemic by the World Health Organization. It’s fair to say that none of us have ever experienced a pandemic, or at least not on this level. ...more

Morgan Lewis - ML Benefits

IRS: Show Me the Signatures for Qualified Plan Documents

Tax laws have long required that qualified retirement plans timely adopt written plan documents and amendments. But what evidence must a plan sponsor provide to an IRS auditor to prove that they have timely adopted a written...more

Stinson - Benefits Notes Blog

IRS Memorandum Limits Exceptions for Retaining Signed Retirement Plan Documents – (excuse that “my dog ate my plan documents” will...

Generally, for a tax qualified retirement plan to be adopted, the plan document must be signed and dated by the sponsoring employer and retained. However, in Val Lanes Recreation Center Corp. v. Commissioner of Internal...more

Locke Lord LLP

IRS Reopens Determination Letter Program for Certain Individually Designed Plans

Locke Lord LLP on

In 2017, the IRS significantly limited the ability of plan sponsors to request a determination letter that its individually-designed retirement plan met the tax qualification requirements of the Internal Revenue Code. Since...more

Proskauer - Employee Benefits & Executive...

IRS Reiterates Requirement to Sign Plan Documents and Amendments

At the heart of tax qualified retirement plan compliance is a requirement to timely adopt plans and plan amendments. Failure to adopt plan amendments when required can result in plan disqualification. Accordingly, it is very...more

McDermott Will & Emery

Right Around the Corner: Expanded IRS Determination Letter Program Opens in September

McDermott Will & Emery on

Beginning September 1, 2019, the IRS is expanding its retirement plan determination letter program to apply to certain individually designed statutory hybrid and merged plans. Employers sponsoring hybrid plans not previously...more

King & Spalding

Compensation and Benefits Insights – July 2019

King & Spalding on

In May 2019, the IRS issued Revenue Procedure 2019-20, which provides for a limited expansion of the determination letter program for certain individually-designed plans. Under this expansion, the IRS will accept...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

A Welcome Expansion: IRS Resuscitates Determination Letter Program

Beginning September 1, 2019, employers that sponsor cash balance plans and certain merged plans can sleep easier. Revenue Procedure 2019-20, issued by the Internal Revenue Service (IRS) on May 1, 2019, opens the IRS’s...more

Foley & Lardner LLP

Should I Be Getting an Updated IRS Determination Letter?

Foley & Lardner LLP on

If you maintain a qualified retirement plan, such as a 401(k) or pension plan, that covers more than 100 employees, you are likely in the midst of your annual plan audit. During this process, your auditor might ask for a copy...more

Pillsbury Winthrop Shaw Pittman LLP

IRS Reopens Determination Letter Program for Hybrid and Merged Plans

Employers have new opportunity to obtain IRS approval of individually designed plan documents. Individually designed cash balance plans and other “statutory hybrid” pension plans can be submitted for IRS approval during...more

Holland & Knight LLP

IRS Adds 2019 Updates to Operational Compliance List

Holland & Knight LLP on

• The Internal Revenue Service (IRS) has updated its Operational Compliance List for retirement plans with a number of changes that take effect in 2019, with a focus on changes to hardship distributions. • The Operational...more

Holland & Knight LLP

Limited Ability to Submit Your Individually Designed Plan for a Determination Letter

Holland & Knight LLP on

• Effective Sept. 1, 2019, the sponsors of certain retirement plans may submit their plans to the Internal Revenue Service (IRS) for review of a determination letter application. • Revenue Procedure 2019-20 expands the IRS...more

Faegre Drinker Biddle & Reath LLP

IRS Announces Limited Expansion of the Determination Letter Program for Individually Designed Plans

Since the end of the IRS’s cyclical determination letter program for individually designed retirement plans in 2017, plan sponsors have been able to request favorable determination letters for individually designed plans only...more

Bradley Arant Boult Cummings LLP

IRS Expands Determination Letter Program - Employee Benefits Alert

The Internal Revenue Service (IRS) has expanded the determination letter program for individually designed plans. Under Revenue Procedure 2019-20, the IRS will now accept determination letter applications for statutory hybrid...more

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