The IRS today released an advance version of Notice 2016-80 that provides the "required amendments list" for 2016 with respect to qualified retirement plans.
Notice 2016-80 has no required amendments listed for 2016 and only one possible amendment that may be adopted in limited circumstances.
Rev. Proc. 2016-37 (released in June 2016) modified the IRS determination letter program for qualified plans to eliminate—as of January 1, 2017—the five-year remedial amendment cycle system for individually designed plans.
One measure under Rev. Proc. 2016-37 provides that, in the case of an individually designed plan, the remedial amendment period for a disqualifying provision arising as a result of a change in qualification requirements generally is extended to the end of the second calendar year that begins after the issuance of the “required amendments list” (RA List) in which the change in qualification requirements appears. Accordingly, today's notice provides that December 31, 2018, is the last day of the remedial amendment period with respect to a disqualifying provision arising as a result of a change in qualification requirements that appears on this 2016 RA List.
As a result, December 31, 2018, is also the plan amendment deadline for a disqualifying provision arising as a result of a change in qualification requirements that appears on the 2016 RA List. However, a later date may apply to a governmental plan (as defined under Rev. Proc. 2016-37).
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