Submission Procedures for Pre-Approved Plans and Individually Designed Plans
The IRS opened a new determination letter program in February 2005 that streamlines the IRS’ procedures for issuing opinion, advisory, and determination letters on the form of pre-approved plans (Master and Prototype (M&P) and Volume Submitter (VS)) and individually designed plans. Applications were accepted for opinion and advisory letters on pre-approved defined contribution M&P and VS plans from February 17, 2005, to January 31, 2006, and for determination letters on Cycle A individually designed plans from February 1, 2006, to January 31, 2007. The IRS accepted determination letter applications for Cycle B individually designed plans, multiple employer plans and opinion and advisory letter applications for pre-approved defined benefit M&P and VS plans from February 1, 2007, to January 31, 2008. The Cycle C submission period for individually designed plans and governmental plans is from February 1, 2008, to January 31, 2009.
This program will help the IRS stabilize the receipt of determination letters over periodic cycles, thus providing more efficient processing of applications. To find out more about the new program, click on the relevant links below.
What Kind of Plan Do You Have?
Applies to mass submitters, national sponsors, non-mass submitter sponsors and practitioners, and adopting employers of these plans.
Individually Designed Plans
Applies to employers who have not adopted pre-approved plans, who have become individually designed after making certain impermissible modifications to a pre-approved plan, or in some cases, who no longer maintain these pre-approved plans.