IRS Updates the Filing Process for Qualified Plans

The new year begins with a new round of IRS filing deadlines along with new procedures and guidance that must be followed in order for the IRS to make a determination that qualified plan documents comply, as to form, with the requirements of the Code. This article reviews a number of pieces of recent IRS guidance affecting the filing process for qualified plans. This guidance includes the following:

• Rev. Proc. 2011-49,1 which updates the rules for submitting pre-approved plans to the IRS
• The new Form 5300 determination letter application for individually designed plans
• The new LRMs (Listing of Required Modifications) for defined contribution plans
• EP Determinations Quality Assurance Bulletin 2012-1 addressing verification of prior plan documents