Cypen & Cypen
NOVEMBER 7, 2008
Stephen H. Cypen, Esq., Editor
IT IS OFFICIAL ... IRS WILL MODIFY FILING CYCLE FOR GOVERNMENTAL PLANS:
As we anticipated (see C&C Newsletter for October 30, 2008, Item 1), Internal Revenue Service will modify filing cycle for governmental plans under the Staggered Remedial Amendment Program. According to a Special Edition of the Employee Plans News dated November 5, 2008, Internal Revenue Service is implementing a one-time modification of the Staggered Remedial Amendment Program to permit sponsors of governmental plans to submit for determination letters during either Cycle C (January 31, 2009) or Cycle E (January 31, 2011). As a result of continuing discussions with the governmental plans community, IRS has previously modified a number of rules and procedures applicable to its determination letter program for governmental plans. Some of the changes include:
Although the foregoing changes have made it easier for
sponsors of governmental plans to file for a determination
letter, nevertheless, IRS has learned of a number of obstacles
beyond the direct control of the party responsible for
filing the determination letter application (including
the process of having funds appropriated for filing). Accordingly,
IRS is implementing a one-time modification of the staggered
remedial amendment program for these filers. The complete
IRS Special Edition can be accessed at the following link:
Copyright, 1996-2009, all rights reserved.
Items in this Newsletter may be excerpts or summaries of original or secondary source material, and may have been reorganized for clarity and brevity. This Newsletter is general in nature and is not intended to provide specific legal or other advice.