What are the procedures for Puerto Rico plans to make an election under ERISA Section 1022(i)(2)?
The plan administrator can make the election by either:
1. Mailing or faxing an election notice to the EP Exam Group Manager.
IRS - TE/GE Employee Plans
c/o Group Manager
7850 SW 6th Court, Group 7650
Plantation, Florida 33324
Fax number: 855-230-1536
The election notice must include the plan:
- administrator’s statement electing to treat the plan as a qualified plan under Internal Revenue Code Section 401(a),
- name, plan number, address and telephone number, and
- taxpayer identification number (TIN) or employer identification number (EIN).
Upon receipt of the election notice, the EP Exam Group Manager will:
- register the election in a database for ERISA Section 1022(i)(2) elections, and
- mail an election acknowledgement receipt to the plan administrator.
2. Filing for an election as part of a determination letter application, if eligible to apply for letter (see New Determination Program Rev. Proc. 2016-37 and Form 5300, Application for Determination for Employee Benefit Plan (instructions).
Treasury Regulations Section 1.401(a)-50(b)