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Master and Prototype Plan Sponsors - Responsibilities and Tips - Tip #7

7. Keep your sponsorship records updated

Tip

Potential Concerns

Keep your sponsorship records updated

  • M&P Sponsor does not secure new opinion letters when changing EIN
  • M&P Sponsor does not verify if any adopting employers are using their M&P plan document before discontinuing or abandoning it
  • The IRS may request that M&P Sponsors provide a list of current and past adopting employers with identifying information

You must maintain current records of your adopting employers and keep your IRS record updated to keep your sponsorship status. If you change your name or address, send a written notification to Employee Plans Rulings & Agreements (see mailing address in §20.01 or 20.03 of Revenue Procedure 2011-49). Opinion letters are not transferable to any other entity (see §20.09 of Revenue Procedure 2011-49). Changing your employer identification number is deemed to be a change of entity and requires you to secure new opinion letters.

If you don’t want to market a plan document anymore, or don’t plan to keep the document updated for current law:

  • Notify Employee Plans Rulings & Agreements that you are discontinuing or abandoning that particular plan (see mailing address in §20 of Revenue Procedure 2011-49). This notification requirement is mandatory.

  • Adopting employers using your plan document must be separately notified that the plan has terminated, that their plan will be considered individually designed (unless they adopt another approved M&P or volume submitter plan), and that they may not continue to rely on the previously issued opinion letter for the terminated plan if there is a change in law or other change in the qualification requirements.

Upon written request from the IRS, you must provide a list of current and past adopting employers with their identifying information; however, records need not be maintained for employers that stopped using your M&P plan more than 3 years ago. 

If you have questions about your M&P sponsorship responsibilities, contact the Employee Plans Rulings & Agreements Pre-Approved Plan Coordinators, Angelo Noe (Angelo.C.Noe@irs.gov) and Milo Atlas (Milo.S.Atlas@irs.gov).

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Page Last Reviewed or Updated: 19-Sep-2013