A pre-approved retirement plan is a plan sold to employers by a document provider such as a financial institution or benefits practitioner. The document provider is the “pre-approved plan provider.” The document provider requests IRS approval (“pre-approval”) of a defined contribution or defined benefit plan document as meeting the requirements of Internal Revenue Code Sections 401, 403(a) or 403(b). The pre-approved plan provider then makes the IRS-approved plan available to adopting employers. The IRS also issues opinion letters for prototype IRAs. New Pre-Approved Retirement Plan Opinion Letter Program Types of pre-approved retirement plans - Summary of pre-approved plans and plan providers Find a pre-approved plan (current plans plus older plan documents) For employers Rules for adopting employers - when and how to adopt a pre-approved plan Tips for employers using pre-approved plans For document providers How to apply - procedures and forms Submission procedures for pre-approved plans (not including 403(b)) 403(b) pre-approved plans Prototype and model IRAs FAQs on opinion and advisory letters for pre-approved retirement plans Tips to avoid processing delays with your determination letter application When to apply 6-year remedial amendment cycle for pre-approved plans - Submit your application for a new or amended plan in the first year of the 6-year cycle Explanation of the system of remedial amendment cycles Plan language resources Amend or update a plan - Cumulative lists, listings of required modifications (LRM), quality assurance bulletins (QABs), etc. Providers of a pre-approved plan Pre-approved plan document providers - responsibilities and tips Discontinued pre-approved plans Listings of Required Modifications (LRMs) The IRS posted LRMs for pre-approved defined contribution plans on IRS.gov on November 2, 2017. Plan document providers applying for IRS opinion letters during the third defined contribution pre-approved plan cycle (October 2, 2017 - October 1, 2018) may use the revised LRMs to draft or amend their plans. No additional amendments will be made to the defined contribution plan LRMs until the beginning of the fourth cycle submission period in 2023. LRMs contain model plan language: for laws effective during the third remedial amendment cycle that reflects qualification requirements and guidance in the 2017 Cumulative List (Notice 2017-37). The IRS pre-approved plan program changed, as announced in Revenue Procedure 2017-41. For example: Two types of pre-approved plans – the IRS recognizes standardized and non-standardized plans. Standardized plans are safe harbor plans, whereas non-standardized plans adopt the flexibility of plans under the predecessor Volume Submitter program. Separate trust document – trust and custodial agreements must be segregated, and the plan must contain a provision that its terms will govern in the case of a conflict (see Defined Contribution LRM #81). The IRS does not review trust documents. Additional resources Additional resources for determination, opinion and advisory letters FAQs on determination, opinion or advisory letter issues Revenue Procedure 2015-36 and Revenue Procedure 2017-41 - procedures for pre-approved plans
