Announcement 2009-87

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Announcement 2009-87 Powered By Docstoc
					Part IV. Items of General Interest
Temporary Closing of the                                            with five-year amendment/approval cycles         determination letters on Form 5307 for
Determination Letter Program                                        for individually designed plans and six-         pre-approved defined contribution plans.
for Adopters of Pre-Approved                                        year cycles for pre-approved plans. The          See Announcement 2008–23, 2008–1 C.B.
                                                                    submission period for the initial six-year       731. This announcement also does not af-
Defined Benefit Plans                                               cycle for sponsors and practitioners main-       fect the ability of adopting employers of
                                                                    taining pre-approved defined benefit plans       pre-approved plans (whether defined ben-
Announcement 2009–85                                                ran from February 1, 2007 to January 31,         efit or defined contribution) to apply on
   On February 22, 2010, the Service will                           2008. Sponsors and practitioners were            Form 5307 for a determination letter for
temporarily stop accepting applications for                         required to restate their pre-approved de-       plan amendments related to a voluntary
determination letters for defined benefit                           fined benefit plans for EGTRRA and other         correction program (VCP) submission or
plans that are filed on Form 5307, Appli-                           changes in plan qualification requirements       as required under the correction on audit
cation for Determination for Adopters of                            described in the 2006 Cumulative List, and       program (Audit CAP), under the proce-
Master or Prototype or Volume Submit-                               apply for new opinion and advisory let-          dures described in Rev. Proc. 2008–50,
ter Plans for the GUST1 program. The                                ters during this submission period. As           2008–35 I.R.B. 464.
Service is taking this action because all                           provided in Rev. Proc. 2007–44, when
pre-approved (i.e., master and prototype                            the review of the pre-approved defined
and volume submitter) defined benefit                               benefit plans is near completion, the Ser-       Announcement of Disciplinary
plans are required to be restated to comply                         vice will publish an announcement provid-        Sanctions From the Office of
with items identified for review in Notice                          ing the date by which adopting employers
                                                                    must adopt the newly approved plans. This
                                                                                                                     Professional Responsibility
2007–3, 2007–1 C.B. 255 (“2006 Cu-
mulative List”), including the Economic                             date will also be the deadline for adopting
                                                                    employers to file Form 5307 determination
                                                                                                                     Announcement 2009–87
Growth and Tax Relief Reconciliation Act
of 2001, Pub. L. 107–16, (“EGTRRA”)                                 letter applications for their restated pre-ap-       The Office of Professional Responsi-
(with technical corrections made by the                             proved defined benefit plans. The Service        bility (OPR) announces recent disciplinary
Job Creation and Worker Assistance Act                              expects to publish this announcement early       sanctions involving attorneys, certified
of 2002 (JCWAA), Pub. L. 104–147),                                  in 2010 and anticipates that adopting em-        public accountants, enrolled agents, en-
the Pension Funding Equity Act of 2004                              ployers will have approximately two years        rolled actuaries, enrolled retirement plan
(PFEA), Pub. L. 108–218, the American                               to adopt the restated plans and request de-      agents, and appraisers. Th
Description: In Announcement 2009-87, the Office of Professional Responsibility announces recent disciplinary sanctions involving attorneys, CPAs, enrolled agents, enrolled actuaries, enrolled retirement plan agents, and appraisers.
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