For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Compliance August 20, 2018
IRS Extends Date for Opinion Letters for Third Remedial Amendment Cycle
The IRS notes that Rev. Proc. 2017-41 modified the pre-approved letter program by combining the master & prototype and volume submitter programs into a new opinion letter program.
Reported by PLANSPONSOR Staff
The Internal Revenue Service (IRS) has published Revenue Procedure 2018-42 to extend the deadline for submitting on-cycle applications for opinion letters for pre-approved defined contribution (DC) plans for the third six-year remedial amendment cycle to December 31, 2018.
Under Rev. Proc. 2017-41, this submission period is scheduled to expire on October 1, 2018.
The IRS notes that Rev. Proc. 2017-41 modified the pre-approved letter program by combining the master & prototype and volume submitter programs into a new opinion letter program. Under this program, providers of pre-approved plans may apply for new opinion letters once every six years.You Might Also Like:
IRS Notice Defines Retirement Plan Tax Distribution Exceptions
The IRS has provided guidance on certain exceptions from the 10% tax penalty for emergency personal or family expenses and...
Employer Forfeited Funds Complaint Against HP Inc. 401(k) Plan Is Dismissed
A federal judge ruled the suit’s ‘theory of liability’ was too broad and dismissed the complaint, which focused on the...
What Does the End of Chevron Deference Mean for the DOL?
It could mean more lawsuits and overturned rules related to retirement plans.
« Unions Object to Recouping Overpayment of Pensions From Members