- eliminating 5-year remedial amendment cycles; and
- generally limiting DL requests to initial plan qualification and qualification on plan termination, effective Jan. 1, 2017.
The Form 5300 is used to request a favorable determination letter (DL) from the IRS on the qualified status of the following plans and the exempt status of any related trust:
- individually designed defined contribution plans (for example, 401(k), profit sharing); and
- individually designed DB plans (for example, traditional defined benefit, cash balance).
In certain circumstances, plan sponsors may file an application for a determination letter for a pre-approved Master & Prototype or Volume Submitter plan on Form 5300.