Compliance October 5, 2011

IRS Updates Procedure for Opinion and Advisory Letters

The Internal Revenue Service released Revenue Procedure 2011-49, on new requirements for sponsors of pre-approved plans seeking opinion and advisory letters that the plans' form is acceptable.
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The procedure affects master and prototype (M&P) plans and volume submitter plans. It modifies and supersedes Rev. Proc. 2005-16. For M&P plans, the procedure makes several changes, such as revising some definitions, clarifying the effect of employer amendments, and changing areas not covered. For volume submitter plans, the procedure clarifies language on the 30-employer requirement and authority to make amendments to the plan.

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Revenue Procedure 2011-49 will appear in Internal Revenue Bulletin 2011-44 on Oct. 31, and is available here.

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