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New IRS opinion letters for defined contribution plans

Effective June 1, 2020, the Internal Revenue Service (IRS) announced the details for the restatement of preapproved defined contribution plan documents, who submitted their drafted plan documents in 2018. The IRS will issue opinion letters on June 30, 2020.

For employers that are currently on a preapproved prototype or volume submitter defined contribution plan must restate their plan document by July 31, 2022.

View IRS announcement 2020-7.

For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.

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