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IRS To Require Restated Plan Document with Determination Letter Application

Under new procedures issued by the IRS, effective for determination letter applications submitted on and after February 1, 2013, the IRS will no longer accept working copies of a plan document as part of the submission package. Plan sponsors must now provide an executed restatement of the plan with the application. This means planning ahead for those plan restatements that require board approval, so that the restatement will be executed in advance of the January 31 filing deadline for that cycle. A copy of IRS Revenue Procedure 2013-6 can be found here.

Informal DOL Comment Suggests Delivery of SPDs via CD Not ERISA-Compliant

At a Q&A session between the U.S. Department of Labor (?Ç£DOL?Ç¥) and the American Bar Association, the DOL was asked whether delivering summary plan descriptions (?Ç£SPDs?Ç¥) by mailing them on a CD to employees who do not normally work on computers would satisfy ERISA?ÇÖs regulations regarding the delivery method for SPDs. Generally, delivery methods must be reasonably calculated to ensure distribution and receipt of the SPD. The DOL responded to this question by opining that such a delivery method may not be reasonably calculated to ensure receipt because the plan administrator has not taken any measures to determine if participants have the necessary technology and ability to retrieve information from the CDs. However, the DOL?ÇÖs response reflects only an unofficial, nonbinding staff view and thus does not necessarily represent an official position of the DOL.

January 2013
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