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The IRS experienced a “mini-spike” in determination letter inventory due to the large numbers of applications received at the end of the Cycle A submission period, which ended on January 31, 2007, according to Andrew Zuckerman, EP Director, Rulings and Agreements. The Service is looking for ways to encourage employers and practitioners to submit determination letter requests earlier in each cycle because mini-spikes toward the end of submission periods could result in a longer response time for the issuance of determination letters, Zuckerman continued. Practitioners who file early in the cycle should be rewarded by receiving a quicker turnaround time on their determination letter applications, Zuckerman noted.
When queried, practitioners expressed mixed reactions concerning the new staggered remedial amendment cycles. Some practitioners appreciated being able to even out their workloads, Zuckerman commented. Others expressed concern that “off-cycle” plans in need of determination letters were required to wait until all “on-cycle” applications have been reviewed. Employee Plans (EP) is making modifications to Rev. Proc. 2005-66 as a result of the feedback it has received, Zuckerman added. Currently, EP works cases in received-date order with priority given to Form 5310 termination applications. Zuckerman stated that EP is considering the expansion of the categories of off-cycle applications processed to include (1) newly adopted individually designed plans whose cycle would not occur for a number of years and (2) plans that demonstrate an urgent business need for a determination letter. Any relief, however, would be granted on “an extremely limited basis,” Zuckerman cautioned, and would be announced in an upcoming revenue procedure.
For more information on this and related topics, consult the CCH Pension Plan Guide.
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