Overview
IRS Announcement 2015-19 (July 21, 2015) confirms months of hints from IRS personnel: starting in 2017, the ability of pension, profit sharing, and stock bonus plans to obtain IRS review and approval of their plan documents will be severely curtailed. With limited – and as yet unspecified – exceptions, individually designed plans will be able to apply for determination letters only when they are established or terminated. During the intervening life of the plan, no way will exist to receive official confirmation that plan provisions continue to satisfy the requirements of section 401(a) of the Internal Revenue Code.
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