The IRS reports that it issued more than 1,200 determination letters concerning employee retirement plans in federal fiscal year (FY) 2022.
The information is contained in the IRS’ annual Data Book, this edition covering the period Oct. 1, 2021 to Sept. 30, 2022.
The annual Data Book details the agency’s activities during FY 2022, including revenue it collected and tax returns it processed. The data also includes information on the determination letters it sent during that time concerning employee retirement plans.
The IRS reports that in FY 2022 it issued a total of 1,235 determination letters concerning retirement plans.
Pension Plans. In FY 2022, the IRS issued a total of 344 determination letters concerning defined contribution plans. Of those, 221 concerned traditional DB plans — those that do not maintain individual account balances that reflect the accrued benefits of each plan participant and that instead determine the accrued benefits by a formula stated in the plan. Another 123 determination letters concerned hybrid plans, cash balance plans, and pension equity plans.
Defined Contribution Plans. In FY 2022, the IRS sent a total of determination letters concerning DC plans. Of those, 491 concerned 401(k)s, 285 concerned employee stock ownership plans (ESOPs), and 95 concerned profit-sharing plans.
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