IRS Announces Intent to Issue Opinion Letters for Certain Pre-Approved DB Plans

Published February 09, 2023

The Internal Revenue Service (IRS) released Announcement 2023-6 providing that it intends to issue opinion letters for pre-approved defined benefit (DB) plans that were updated for changes in plan qualification requirements listed in Notice 2020-14, 2020-13 I.R.B. 555 (the 2020 Cumulative List) and that were filed with IRS during the third six-year remedial amendment cycle under the remedial amendment cycle system for pre-approved plans established under Rev. Proc. 2016-37, 2016-29 I.R.B. 136 (newly approved plans).

IRS expects to issue the letters on February 28, 2023, or, in some cases, as soon as possible thereafter.

An employer intending to maintain a pre-approved plan for the third six-year remedial amendment cycle for DB plans must adopt a newly approved plan on or before March 31, 2025. During the period beginning April 1, 2023, and ending March 31, 2025, IRS will accept an application for an individual determination letter from an adopting employer eligible to submit a determination letter request under the third six-year remedial amendment cycle for DB pre-approved plans.