IRS Releases Listings of Required Modifications for Pre-Approved Defined Contribution Plans, Cash or Deferred Arrangements, and ESOPs | Practical Law

IRS Releases Listings of Required Modifications for Pre-Approved Defined Contribution Plans, Cash or Deferred Arrangements, and ESOPs | Practical Law

The Internal Revenue Service (IRS) has released revised Listings of Required Modifications and Information Packages (LRMs) for pre-approved defined contribution plans, cash or deferred arrangements (CODAs), and employee stock ownership plans (ESOPs). The LRMs include samples of plan provisions that have been found to satisfy certain provisions in the Internal Revenue Code and reflect the 2023 Cumulative List of Changes in Requirements for Defined Contribution Qualified Pre-approved Plans.

IRS Releases Listings of Required Modifications for Pre-Approved Defined Contribution Plans, Cash or Deferred Arrangements, and ESOPs

by Practical Law Employee Benefits & Executive Compensation
Published on 18 Jan 2024 • USA (National/Federal)
The Internal Revenue Service (IRS) has released revised Listings of Required Modifications and Information Packages (LRMs) for pre-approved defined contribution plans, cash or deferred arrangements (CODAs), and employee stock ownership plans (ESOPs). The LRMs include samples of plan provisions that have been found to satisfy certain provisions in the Internal Revenue Code and reflect the 2023 Cumulative List of Changes in Requirements for Defined Contribution Qualified Pre-approved Plans.
The Internal Revenue Service (IRS) has released revised Listings of Required Modifications (LRMs) for pre-approved defined contribution plans, cash or deferred arrangements (CODAs), and employee stock ownership plans (ESOPs). The revised LRMs help plan sponsors in drafting or redrafting their plans to conform to the law. The LRMs contain samples of plan provisions that have been found to satisfy certain provisions in the Internal Revenue Code and reflect the 2023 Cumulative List of Changes in Requirements for Defined Contribution Qualified Pre-approved Plans (Notice 2024-3). The 2023 Cumulative List applies to opinion letter applications for pre-approved defined contribution plans during the fourth remedial amendment cycle (see Legal Update, IRS Issues 2023 Cumulative List for Defined Contribution Pre-Approved Plans in Notice 2024-3).