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Compliance April 6, 2015
IRS Answers Questions About Reference Lists
The IRS encourages plan sponsors to include completed reference lists with determination letter applications.
Reported by Rebecca Moore
The Internal Revenue Service (IRS) has made available frequently asked questions (FAQs) about reference lists of changes in qualification requirements for retirement plans.
In February, the agency announced it offers fillable reference lists as tools to help plan sponsors ensure that their plan document incorporates all relevant mandatory and optional changes in plan qualification requirements. The FAQs answer questions about which reference lists to complete for different plan situations, and whether to submit reference lists or plans involved in a merger or spinoff or when filing a Form 5307 application for a pre-approved plan.
Although not mandatory, the IRS encourages plan sponsors to include completed reference lists with determination letter applications. This will facilitate IRS review of the plan document.
The FAQs can be viewed here.