Employee Benefits -IRS Reminds Us That The April 30, 2010 Deadline For Adopting And Filing Pre-Approved Defined Contribution Plan Is Approaching

Here is what the Internal Revenue Service (“IRS”) had to say (in the Winter 2010 edition of Retirement News for Employers) on this deadline for employers using pre-approved defined contribution plans:

The IRS wants to remind employers entitled to use the pre-approved plan six-year cycle of an upcoming April 30, 2010, deadline to adopt the final approved version of the defined
contribution pre-approved plan and submit applications for determination letters, if applicable. Employers entitled to use the six-year remedial amendment cycle described in Revenue Procedure 2007-44 must generally adopt either a master and prototype (M&P) or volume submitter (VS) defined contribution plan approved by the IRS for EGTRRA and other plan qualification requirements on the 2004 Cumulative List by April 30, 2010, for the plan’s restatement to be eligible for retroactive correction and reliance.

April 30, 2010, is also the filing deadline for employers who have adopted an M&P or VS defined contribution plan and need to file a determination letter request for reliance (in
other words, where the employer makes certain changes to the document) or otherwise
wish to file a request for a determination letter.

The IRS continues by providing some tips on filing for a determination letter when the employer has made changes to a pre-approved document for an M&P plan or a VS plan. This edition of Retirement News for Employers is here.