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5500 Preparer's Manual for 2012 Plan Years

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.


IRS issues 2005 cumulative list of changes for individually designed plans

The IRS has published the 2005 Cumulative List of Changes in Plan Qualification Requirements (2005 Cumulative List) that includes statutory changes and guidance that applies to individually designed plans. This includes single employer individually designed defined contribution plans, employee stock ownership plans (ESOPs), and individually designed defined benefit plans. Generally, the Cumulative List identifies statutory, regulatory and IRS guidance changes that must be taken into account in a plan sponsor's submissions to the IRS for opinion, advisory and determination letters whose remedial amendment period begins on the February 1 following issuance of the Cumulative List.

Determination letter applications

The IRS will begin accepting determination letter applications for Cycle A beginning on February 1, 2006 through January 31, 2007. Individually designed plans have been assigned to Cycle A if the last digit of the plan sponsor's employer identification number is 1 or 6. (See Rev. Proc. 200566 at CCH Pension Plan Guide 17,099R-69 for the details of the staggered remedial amendment program.) The 2005 Cumulative List informs plan sponsors and practitioners of issues that the IRS has specifically identified for review in determining whether a plan has been properly updated.

In order to be qualified, a plan must comply with all relevant qualification requirements, not just those on the 2005 Cumulative List. The IRS will not review plan language for guidance issued after December 13, 2005, unless it is on the 2005 Cumulative List. In addition, the 2005 Cumulative List does not extend the deadline by which a plan must be amended to comply with any statutory, regulatory or guidance changes.

For more information on this and related topics, consult the CCH Pension Plan Guide.

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