The IRS has announced that the third six-year remedial amendment cycle for pre-approved defined benefit plans begins on May 1, 2020, and ends on Jan. 31, 2025. It also has announced that the on-cycle submission period for providers to submit opinion letter applications begins on Aug. 1, 2020 and ends on July 31, 2021. The announcements are contained in Revenue Procedure (Rev. Proc.) 2020-10.
Rev. Proc. 2020-10 is effective Dec. 16, 2020. It will be published in Internal Revenue Bulletin 2020-2, which will be issued Jan. 6, 2020.
When the IRS review process for pre-approved DB plans for the third six-year remedial amendment cycle nears completion, the IRS announces the date by which adopting employers must adopt the newly approved plans and, if they are otherwise eligible, apply for an individual determination letter.
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