The IRS published Notice 2017-37 (the “Notice”) on June 30, 2017, which provides the “Cumulative List of Changes in Plan Qualification Requirements for Pre-Approved Defined Contribution Plans for 2017” (the “2017 Cumulative List”). As with the IRS’s previous annual cumulative lists, the 2017 Cumulative List identifies changes in the Internal Revenue Code’s retirement plan qualification requirements that must be taken into account in a “pre-approved” (i.e. a prototype or a volume submitter) plan document that is submitted to the IRS for an Opinion Letter. Prior to Revenue Procedure 2016-37, which as of January 1, 2017 eliminated the five-year remedial amendment cycle system for individually- designed plans, the IRS also used its cumulative lists when reviewing individually-designed plan documents.
The 2017 Cumulative List must be used by plan document drafters when submitting Opinion Letter applications for “pre-approved” defined contribution plans during the third six-year remedial amendment cycle. As noted above, defined contribution plan documents can be submitted to the IRS for such approval from October 2, 2017 to October 1, 2018. The 2017 Cumulative List provides specific matters the IRS has identified for review when it determines whether a “pre-approved” defined contribution plan document that has been filed for an Opinion Letter has been properly updated for applicable law changes. Such matters include the following:
Here is a link to the 2017 Cumulative List: https://benefitslink.com/src/irs/n-17-37.pdf