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Northwest OH Legal Blog

Tuesday, January 28, 2014

Internal Revenue Service Issues 2013 Cumulative List of Changes in Plan Qualification Requirements for Retirement Plans

On December 11, 2013, the Internal Revenue Service (“IRS”) issued IRS Notice 2013-84, which provides guidance that includes a 2013 cumulative list of changes in plan qualification requirements (“2013 Cumulative List”) to be used in conjunction with the determination letter program for individually designed retirement plans eligible for review in Cycle D.  Multiemployer pension plans governed by Section 414(f) of the Internal Revenue Code are among the plans eligible for review in Cycle D.

Pursuant to IRS Notice 2013-84, the IRS will start accepting determination letter applications for individually designed Cycle D plans beginning February 1, 2014. The 2013 Cumulative List informs plan sponsors of the issues that the IRS has specifically identified for review in determining whether a plan filing in Cycle D has been properly updated. The submission period for plans in Cycle D will end 12 months later, on January 31, 2015.

The 2013 Cumulative List reflects changes under a variety of laws, including the Moving Ahead for Progress in the 21st Century Act (MAP-21), the American Taxpayer Relief Act of 2012 and the Pension Protection Act.  The IRS said the notice does not extend any deadlines by which plans must be amended to comply with statutory, regulatory or guidance changes necessary for plans to maintain their tax-qualified status.

Pursuant to IRS Notice 2013-84, the general deadline for adopting interim or discretionary amendments appears separately in Section 5.05 of Revenue Procedure 2007-44, which was issued on June 14, 2007.  For tax qualification purposes, the IRS, in reviewing Cycle D plans, will generally not look for—

A. plan amendments related to guidance issued after October 1, 2013;

B. statutes enacted after October 1, 2013;

C. qualification requirements that will become effective in 2015 or later; or

D. statutory provisions that will become effective in 2014, for which there is no guidance listed in IRS Notice 2013-84.

To retain their tax-qualified status, however, plans must comply with all relevant tax-qualification requirements, including ones not included on the 2013 Cumulative List.


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