End of Year to Beginning of Year Valuation

[Dougsbpc]

Administer a small defined benefit pension plan that is sponsored by a corporation. The first plan year was from 10/1/2022 - 9/30/2023. The first plan year valuation was done on end of year basis.

Their CPA changed the corporation year to December 31, 2023 from September 30, 2023.

It makes sense to keep the September 30 plan year. However, we would need to change to a beginning of year.

Is there automatic approval when switching from end of year to beginning of year? 

Thanks.

[Lou S.]

Generally yes. See Rev. Proc. 2017-56.