The IRS reminds plan sponsors that a second submission period opened February 1, 2011 for individually designed plans to obtain a determination letter and for pre-approved defined contribution plans to apply for an opinion or advisory letter.
February 1 is the beginning of the 12-month on-cycle submission period for Cycle A determination letter applications and for opinion and advisory letter applications for most pre-approved plans. The submission period ends January 31, 2012. However, the IRS notes that mass submitters have a nine-month submission period ending on October 31, 2011 under IRS Rev. Proc. 2007-44. The IRS states that it will review all plans submitted during this period using the 2010 Cumulative List.
The IRS notes that the initial set of five-year cycles for individually designed plans and the initial six-year cycle for defined contribution pre-approved plans ended on January 31, 2011.
The IRS advises that it is revising IRS Rev. Proc. 2005-16, which describes the procedures for issuing opinion and advisory letters for pre-approved plans, and the Defined Contribution Listing of Required Modifications. The IRS states that these documents will be released at the same time.
Source: Employee Plans News, Issue Number 2011-2, January 31, 2011.