On August 15, 2018, the IRS issued Revenue Procedure 2018-42 (Rev. Proc. 2018-42), which extends the deadline to submit on-cycle applications for opinion letters for pre-approved defined contribution plans for the third six-year remedial amendment cycle to December 31, 2018. The deadline was previously October 1, 2018.

Rev. Proc. 2018-42 is effective on August 15, 2018.

To learn more about pre-approved plans, see Practice Note, Pre-Approved Plans: Design Choices, Tax-Qualification Rules and Best Practices.

Rev. Proc. 2018-42 modifies Rev. Proc. 2017-41. In Rev. Proc. 2017-41, the IRS, among other things, changed the beginning date of the defined contribution plan on-cycle submission period for the third six-year remedial amendment cycle to October 2, 2017, and the ending date to October 1, 2018 (see Legal Update, IRS Revises Opinion Letter Procedures for Pre-Approved Plans in Revenue Procedure 2017-41 and Issues 2017 Cumulative List in Notice 2017-37). Rev. Proc. 2018-42 extends the end of the on-cycle submission period for the third six-year remedial amendment cycle from October 1, 2018 to December 31, 2018. The other provisions in Rev. Proc. 2017-41 are unaffected.