Nova 401(k) Associates
Compensation Strategies Group, Ltd.
Nicholas Pension Consultants
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|IRS Guidance on Favorable Determination Letters for Individually Designed Plans Expected This Summer|
Milliman Retirement Town Hall
June 22, 2015
"The IRS has informally communicated a possible halt, beginning in 2016, to the issuance of IRS determination letters for individually designed retirement plans except for new plans or terminating plans. A formal announcement with details and an opportunity for comment is expected this summer.... While there is no federally regulated requirement to have a favorable determination letter for each of your retirement plans, there are many good reasons for employers to seek them: Reliance on audit ... Approval of amendments to plan ... Due diligence for corporate restructuring transactions[.]"
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