The IRS said on Feb. 8 that it will be issuing opinion letters for pre-approved defined benefit plans that were updated for changes in plan qualification requirements listed in Notice 2020-14 and that were filed with the IRS during the third six-year remedial amendment cycle for pre-approved DB plans. The notification came in Announcement 2023-06.
The IRS will be issuing the opinion letters on Feb. 28, 2023, or, in some cases, as soon as possible thereafter.
Announcement 2023-06 also notifies the public of the date by which an adopting employer intending to maintain a pre-approved DB plan for the third six-year cycle must adopt a newly approved plan. And it announces the beginning and ending dates of the period during which an adopting employer may file for an individual determination letter.
An employer intending to maintain a pre-approved plan for the third six-year remedial amendment cycle for DB plans must adopt a newly approved plan on or before March 31, 2025. During the period beginning April 1, 2023, and ending March 31, 2025, the IRS will accept an application for an individual determination letter from an adopting employer eligible to submit a determination letter request under the third six-year remedial amendment cycle for pre-approved DB plans.
Announcement 2023-06 will be published in Internal Revenue Bulletin 2023-9, dated Feb. 27, 2023.
- Log in to post comments