The Internal Revenue Service has relaxed the schedule for plan sponsors and administrators that need opinions and determination letters for retirement plans.
The change affects applications for a plan that is identical to a mass submitter plan that already has received a favorable opinion or advisory letter concerning implementation of the Economic Growth and Tax Relief Reconciliation Act of 2001, IRS officials write in IRS Revenue Procedure 2008-56.
A sponsor or practitioner now can submit an off-cycle application even if it also submitted an on-cycle application, if the new application is for a plan that is identical to a mass submitter plan that has received a favorable EGTRRA opinion or advisory letter, or which has an EGTRRA advisory letter application pending, and the new application is filed according to the mass submitter plan procedures announced in 2005, officials write.