IRS Issues 2012 List of Changes in Plan Qualification Requirements

The IRS released Notice 2012-76, which contains the 2012 Cumulative List of Changes in Plan Qualification Requirements to be used by plan sponsors and practitioners filing determination letter applications beginning February 1, 2013. Those using the 2012 cumulative list will primarily be single employer, individually designed defined contribution and defined benefit plans in Cycle C of the IRS?ÇÖs 5-year remedial amendment cycle program and ?º 414(d) governmental plans. An individually designed plan is generally in Cycle C if the last digit of the plan sponsor?ÇÖs EIN is 3 or 8. To retain its qualified tax status, a plan must be amended to comply with all statutory, regulatory, or guidance changes in tax-qualification requirements. In reviewing determination letter applications beginning February 1, 2013, the IRS will generally not look for plan amendments related to guidance issued after October 1, 2012; statutes enacted after October 1, 2012; qualification requirements that become effective in 2014 or later; or statutory provisions that become effective in 2013 for which there is no guidance listed in Notice 2012-76. A copy of Notice 2012-76 can be found here.