IRS Employee Plan News Features Revisions to Determination Letters, Forms

The latest issue of Employee Plans News, a periodic IRS newsletter with retirement plan information for retirement plan practitioners, highlights recent developments concerning the IRS Employee Plans Determination Letter Program, as well as links to recent guidance and updated forms and publications.

The newsletter provides a summary of revisions to the Employee Plans Determination Letter Program contained in Notice 2016-3. It cites provisions in that guidance that:

• allow controlled groups and affiliated service groups that previously made a Cycle A election to submit determination letter applications during the third Cycle A submission period (Feb. 1, 2016 – Jan. 31, 2017);

• revoke any expiration dates on determination letters issued before Jan. 4, 2016; and

• extend the period from April 30, 2016, to April 30, 2017, during which certain employers may establish or adopt a defined contribution pre-approved plan on or after Jan. 1, 2016, and may, if eligible, apply for a determination letter.

New Guidance

• Guidance contained in Notice 2015-86 for retirement plans on the application of the U.S. Supreme Court’s Obergefell ruling, which overturned state laws and constitutional amendments defining marriage as occurring between a man and a woman, to qualified retirement plans and health and welfare benefit plans.

• Interim guidance for EP Determinations and Examinations employees (TEGE-07-1215-0026) on the deadline for adopting discretionary plan amendments.

Updated Forms and Publications

• 2015 Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan

• Publication 560 (01/2016), Retirement Plans for Small Business (SEP, SIMPLE, and Qualified Plans)

• Publication 590-A (01/2016), Contributions to Individual Retirement Arrangements (IRAs)

• 2016 Form 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc.
  
  • 2016 Form 5498, IRA Contribution Information
  
  
  • 2016 instructions for Forms 5498 and 1099-R, Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, Etc., and IRA Contribution Information