Interim Amendments - Corrections

[Guest ERISAWork]

Rev. Proc. 2007-44 notes that sponsors must adopt "good faith" interim amendments. The IRS has informally noted that interim amendments can be "corrected in final" during the remedial amendment period, during a determination letter review. What exactly does "corrected in final" mean, given the IRS's usual position that there is no such thing as a scrivener's error and that sponsors are subject to the language in their plan document?

Thanks.

[ETA Consulting LLC]

You're splitting hairs on this one. A good faith amendment is written pursuant to a new law change or IRS regulation. Typically, there is no guidance on the language given the recent implemention of the rule. So, you'd write the amendment in a good faith attempt to implement the new rule. A scrivner's error would be were you state something that you did not intend; where you typically don't operate the plan according to that language (given it is a mistake).

Hope this helps clarify the distinction.

Good Luck!