Retirement Plans Newsletter

BULLETIN
June 1, 2020

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[Official Guidance]

Text of IRS Announcement 2020-7: Third Six-year Cycle Pre-approved Defined Contribution Plans: Issuance of Opinion letters; Plan Adoption Deadline; and Opening of Determination Letter Program (PDF)

"The [IRS] intends to issue opinion letters for pre-approved defined contribution plans that were restated for changes in plan qualification requirements listed in Notice 2017-37 (the 2017 Cumulative List) and that were filed with the IRS during the submission period for the third six-year remedial amendment cycle under Rev. Proc. 2016-37 ... The IRS expects to issue the letters on June 30, 2020, or, in some cases, as soon as possible thereafter. An employer adopting a newly approved plan will be required to adopt the plan document by July 31, 2022. Starting August 1, 2020, and ending July 31, 2022, the IRS will accept from any employer eligible to submit a determination letter request an application for an individual determination letter under the third six-year remedial amendment cycle for pre-approved defined contribution plans."

Internal Revenue Service [IRS]

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Lois Baker, J.D., President  loisbaker@benefitslink.com
David Rhett Baker, J.D., Editor and Publisher  davebaker@benefitslink.com
Holly Horton, Business Manager  hollyhorton@benefitslink.com

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BenefitsLink Retirement Plans Newsletter, ISSN no. 1536-9587. Copyright 2020 BenefitsLink.com, Inc. All materials contained in this newsletter are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of BenefitsLink.com, Inc., or in the case of third party materials, the owner of those materials. You may not alter or remove any trademark, copyright or other notices from copies of the content.

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