CHICAGO, IL (October 9, 2017) – Since the announcement by the Internal Revenue Service (IRS) that sponsors of individually designed retirement plans may no longer receive a periodic determination letter, plan sponsors have faced uncertainty about how to demonstrate compliance for their retirement plans. Our McDermott Retirement Plan Compliance Program, a new opinion letter and operational review program for individually designed 401(a) and 403(b) retirement plans, will allow plan sponsors to document their plans' compliance with tax code requirements in response to the curtailment of the IRS' determination letter program.
To understand what has changed and how McDermott's program addresses the gap in compliance programs for retirement plan sponsors, please click here for an overview of the program. If you would like additional information about the McDermott Retirement Plan Compliance Program, or if you are interested in getting started with a plan document or operational review, please contact your regular McDermott lawyer or one of our Benefits attorneys.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.