News & Information

 

FEATURED PRODUCT

5500 Preparer's Manual for 2012 Plan Years
The premier resource in the field of Form 5500 preparation, 5500 Preparer's Manual will help you handle the required annual Form 5500 filings for both pension benefits and welfare benefit plans.

Learn More »

CCH® PENSION — 02/22/11

IRS reminds plan sponsors that new submission period began February 1 for individually designed plans and pre-approved defined contribution plans

The IRS reminds plan sponsors that a second submission period opened February 1, 2011 for individually designed plans to obtain a determination letter and for pre-approved defined contribution plans to apply for an opinion or advisory letter.

February 1 is the beginning of the 12-month on-cycle submission period for Cycle A determination letter applications and for opinion and advisory letter applications for most pre-approved plans. The submission period ends January 31, 2012. However, the IRS notes that mass submitters have a nine-month submission period ending on October 31, 2011 under IRS Rev. Proc. 2007-44. The IRS states that it will review all plans submitted during this period using the 2010 Cumulative List.

The IRS notes that the initial set of five-year cycles for individually designed plans and the initial six-year cycle for defined contribution pre-approved plans ended on January 31, 2011.

The IRS advises that it is revising IRS Rev. Proc. 2005-16, which describes the procedures for issuing opinion and advisory letters for pre-approved plans, and the Defined Contribution Listing of Required Modifications. The IRS states that these documents will be released at the same time.

Source: Employee Plans News, Issue Number 2011-2, January 31, 2011.

For more information, visit http://www.wolterskluwerlb.com/rbcs.

For more information on this and related topics, consult the CCH Pension Plan Guide, CCH Employee Benefits Management, and Spencer's Benefits Reports.

Visit our News Library to read more news stories.