The IRS recently issued Revenue Procedure 2016-51 (the 2016 RP) to provide revised procedures for its Employee Plans Compliance Resolution System (EPCRS) – the system through which plan sponsors can correct errors in the form...more
As we reported earlier this year, the Internal Revenue Service (IRS) is making significant changes to its determination letter program for tax-qualified retirement plans. Last month, the IRS issued Revenue Procedure 2016-37...more
In order for its participants to receive favorable tax treatment, a “qualified” retirement plan must satisfy various requirements, including ensuring that it benefits a nondiscriminatory cross-section of employees rather than...more
As we reported last year, the IRS determination letter program for tax-qualified retirement plans is about to significantly change. Beginning in 2017, individually designed retirement plans will be eligible to obtain...more
In Announcement 2015-19 (Announcement), the Internal Revenue Service (IRS) has indicated that it is eliminating the staggered five-year determination letter (DL) remedial amendment cycles for individually designed...more