IRS Determination Letters No Longer Available to Adopters of Pre-Approved Retirement Plan Documents.
The IRS announced key changes to the determination letter program intended to streamline the determination letter process and eliminate under-utilized procedures. Effective May 1, 2012, adopters of pre-approved plan documents, except volume submitter adopters that have made changes to the pre-approved document, may no longer apply for individual determination letters on Form 5307. Instead, such sponsors should rely on the opinion letter issued to the document provider. The IRS also eliminated the elective nondiscrimination demonstrations to Form 5300 effective February 1, 2012 for individually designed plans and May 1, 2012 for adopters of pre-approved plans.