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IRS Resources for the Restatement Process under Rev. Proc. 2005-66 The individually designed game plan is fundamentally built on the five-year schedule that is divided into five remedial amendment cycles (or RACs). The pre-approved game plan calls for a six-year rotation that is divided into the defined contribution program that kicks-off first and the defined benefit plan program with a delayed start of two years while the DC plan crowd uses the IRS field of play. The program retains the ability to move an individually designed plan to a pre-approved via a certification of intent (Form 8905) to get an extension of the filing deadline. To avoid the IRS hitting you with a penalty on your plan, there is nothing that beats knowing the rules in their playbook (Rev. Proc. 2005-66). Though you will also need to know earlier guidance, Rev. Proc. 2005-16. Included in the playbook are the new rules for off-cycle interim plan amendments. The IRS has recently created a number of resources on their website explaining many of the rules in Rev. Proc. 2005-66. Below are a number of key links on the topic. These will lead to many other links on the subject within the IRS site. Come to our Plan Amendment Update e-Seminar to learn more on the subject. Click here for information.
To learn more, call 973-492-1880 or e-mail info@mhco.com. © 2012, McKay Hochman Co., Inc. All rights reserved. |
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