IRS Releases 2012 Cumulative List of Changes in Plan Qualification Requirements

December 11, 2012

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The Internal Revenue Service on December 7 released Notice 2012-76 providing the 2012 Cumulative List of Changes in Plan Qualification Requirements to be used primarily by single employer individually designed defined contribution plans and single employer individually designed defined benefit plans that are in Cycle C.

The 2012 Cumulative List is to be used by plan sponsors and practitioners submitting determination letter applications for plans during the period beginning February 1, 2013, and ending January 31, 2014.

The IRS noted that an individually designed plan generally is in Cycle C if the last digit of the employer identification number of the plan sponsor is 3 or 8.  The 2012 Cumulative List also will be used by sponsors of DB pre-approved plans (i.e., master and prototype (M&P) or volume submitter (VS) plans) for the second submission under the remedial amendment cycle described in Rev. Proc. 2007-44, the IRS said.

The Notice advises that the list of changes in section IV does not extend the deadline by which a plan must be amended to comply with any statutory, regulatory, or guidance changes.

Except under certain circumstances described in the Notice, the IRS will not consider in its review of any determination letter application for the submission period that begins February 1, 2013, any guidance or statutes issued or enacted after October 1, 2012; qualification requirements first effective in 2014 or later; or statutory provisions that are first effective in 2013 where there is no guidance identified in the notice.  To be qualified, a plan must comply with all relevant qualification requirements, not just those on the 2012 Cumulative List, the IRS further noted.

In addition, the IRS’s review of Cycle C filings will not consider the 2010 final hybrid plan regulations (other than with respect to section 411(a)(13)(A)) unless the plan has been amended to satisfy those regulations.  For this purpose, the IRS said it will only consider those provisions of the regulations that are effective for plan years beginning on or after January 1, 2011.

Contact Kathryn Ricard (kricard@eric.org) with any questions or comments on this notice.

Notice 2012-76

Draft Form 5300