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IRS Determination Letter Program for Qualified Retirement Plans to Be Significantly Curtailed
McGuireWoodsLink to more items from this source
[Guidance Overview]
July 23, 2015

"Auditors, and investment managers and others who rely on a qualified plan's tax-qualified status, typically require representations from management that plans are 'in compliance,' in addition to requiring a copy of a favorable [determination letter (DL)]. Once such a DL is no longer available as to the current version of a plan, the plan sponsor may seek other ways of obtaining comfort that the form of its plan complies with the Code, such as requesting an opinion of counsel. In the mergers-and-acquisitions contest, sellers may need to use even greater caution in determining what representations and warranties they could make regarding the tax-qualified status of an individually-designed retirement plan. Similarly, purchasers may need to engage in greater due diligence as to the seller's qualified plans."

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