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ARTICLE · 04 NOVEMBER 2014

It's November – Do You Know Where Your Plan Document Is?

Foley & Lardner LLP
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Every year around this time, many plan sponsors begin the arduous task of preparing determination letter applications for their qualified retirement plans.

United StatesEmployment and HR
Belinda Morgan
Belinda Morgan
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Considerations for Filing Determination Letter Applications

Every year around this time (and hopefully even earlier), many plan sponsors begin the arduous task of preparing determination letter applications for their qualified retirement plans (i.e., their profit-sharing, 401(k), pension, and similar plans). Sponsors often work with their attorneys or other advisors to collect the needed information and to ensure their plans comply with all current IRS requirements.

Once a determination letter application is complete, the sponsor (or its authorized representative) submits it to the IRS. The IRS then reviews the retirement plan's form and structure. If the IRS finds that a plan includes all the required provisions and design elements, the IRS will confirm the plan's qualified status and issue a favorable determination letter on the plan.

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