Lori Shannon and Monica Novak from Drinker Biddle and Chris Shankle, a member of the Advisory Committee on Tax Exempt and Government Entities, discussed the revised determination letter program under IRS Revenue Procedure 2016-37 and considerations for sponsors of individually designed qualified plans.

Key topics included:

  • When determination letter applications will be accepted by the IRS.
  • Changes to the remedial amendment period and plan amendment deadlines.
  • IRS new annual Required Amendments List and Operational Compliance List.
  • Converting to a pre-approved plan format.
  • Action steps for sponsors of individually designed qualified plans.
Source: Drinker Biddle Webinar
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