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ARTICLE · 12 JULY 2019

Benefits Counselor – June 2019 Update

In Revenue Procedure 2019-20 ("Rev. Proc. 2019-20"), the Internal Revenue Service ("IRS") announced it will accept determination letter applications for individually

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RETIREMENT PLAN DEVELOPMENTS

IRS Opens Determination Letter Program for Hybrid and Merged Plans

In Revenue Procedure 2019-20 (“Rev. Proc. 2019-20”), the Internal Revenue Service ("IRS") announced it will accept determination letter applications for individually designed statutory hybrid plans during the 12 month period beginning September 1, 2019. The IRS said it will also accept determination letter applications for certain individually designed merged plans on an ongoing basis.

Since the IRS eliminated the remedial amendment cycle review program in 2017, plan sponsors of individually designed plans could request determination letters only for initial plan qualification, qualification upon plan termination, and certain other circumstances as determined annually by the IRS.

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