Magazine article The CPA Journal

Critical Dates for Employee Benefit Plans

Magazine article The CPA Journal

Critical Dates for Employee Benefit Plans

Article excerpt

According to Joan Sweeney, the Chief of the IRS Brooklyn, New York Employee Plans and Exempt Organization Division, the IRS will most likely open the determination letter program for defined benefit plans by late in the summer of 1991. The program will be limited in scope and will apply only to those "plain vanilla" plans that meet the defined benefit safe harbors spelled out in the proposed non-discrimination regulations.

In the meantime, Rev. Proc. 90-20 opened the determination letter program for certain defined contribution plans on April 30, 1990. This revenue procedure provides that certain ongoing defined contribution plans may file for determination letters that include consideration of the changes made by TRA 86, OBRA 87, TAMRA and OBRA 89. To be eligible, defined contribution plans must meet the following criteria:

* The plan must be a defined contribution plan other than a target benefit plan, stock bonus plan, or ESOP;

* The employer must not use the average benefit percentage test to meet coverage;

* The employer must not apply the line of business exception under Sec. …

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