IRS Publishes Updated LRMs for Pre-approved DC and 401(k) Plans

[30953]

November 17, 2017

TO: ICI Members
Pension Committee
Pension Operations Advisory Committee SUBJECTS: Pension RE: IRS Publishes Updated LRMs for Pre-approved DC and 401(k) Plans

 

The IRS posted on its website revised Listings of Required Modifications (LRMs) for pre-approved defined contribution (DC) and 401(k) plans.[1] The LRMs provide sample plan language for pre-approved retirement plans to satisfy requirements in the Internal Revenue Code. Although plans are not required to use the sample plan provisions, the LRMs can assist pre-approved plan sponsors in drafting their plan documents to comply with applicable laws and regulations.

The LRMs for DC plans are intended to satisfy certain specific requirements of the Internal Revenue Code, taking into account changes in the plan qualification requirements, regulations, revenue rulings, and other guidance in the 2017 Cumulative List of Changes in Plan Qualification Requirements, as provided in Notice 2017-37.[2]

The LRMs for 401(k) plans (also referred to as Cash or Deferred Arrangements) are intended to satisfy certain specific requirements of the Internal Revenue Code, as amended through the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Pub. L. 114-41.

 

Elena Barone Chism
Associate General Counsel - Retirement Policy
 

endnotes

[1] All LRMs are available here:  https://www.irs.gov/retirement-plans/listing-of-required-modifications-lrms.  The page includes redlined versions of the DC and 401(k) plan LRMs showing changes from the October 2011 versions.

[2] See ICI Memorandum No. 30768, dated July 7, 2017. Available at https://www.ici.org/my_ici/memorandum/memo30768.