Request for comments, qualified plan document | KPMG | GLOBAL
Share with your friends

Request for comments, facilitating compliance for qualified plan document requirements

Request for comments, qualified plan document

The IRS today released an advance version of Announcement 2016-32 that includes a request for comments on ways in which the IRS and Treasury Department can improve compliance with plan qualification requirements by making it easier for plan sponsors to satisfy requirements for qualified plan documents, particularly in light of the changes to the determination letter program described in Rev. Proc. 2016-37.


Related content

Rev. Proc. 2016-37 provides, in part, that the five-year staggered remedial amendment cycle system will be eliminated effective January 1, 2017, and that a sponsor of an individually designed plan will be permitted to submit a determination letter application only for initial qualification, for qualification upon plan termination, and in certain other circumstances to be determined by the IRS and Treasury.

Announcement 2016-32 [PDF 17 KB] includes requests for comments concerning the following topics:

  • Incorporation by reference 
  • Circumstances under which plan provisions may not be required
  • Conversion to pre-approved plans
  • Additional ways to facilitate compliance

Comments may be submitted in writing on or before December 15, 2016. 

Future guidance to be issued

Today’s announcement further states that the IRS and Treasury anticipate issuing a revenue procedure “shortly” that will modify Rev. Proc. 2013-12—the existing consolidated statement of the correction programs under the Employee Plans Compliance Resolution System (EPCRS). The new EPCRS revenue procedure is expected to modify EPCRS to accommodate changes to the determination letter program made by Rev. Proc. 2016-37 and is expected to invite comments on the modifications.

© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal