via Lockton Retirement Services
Citing budget cuts, new responsibilities under the Affordable Care Act (ACA), and an increased number of requests, the IRS made the surprise announcement of intent to terminate the Determination Letter program by the end of 2016. With this significant change, sponsors of individually designed plans contemplating future changes—plan mergers or consolidations, or conversion to a new provider—should move quickly to take advantage of the program while it exists. Termination reviews will not be affected.
The attached white paper discusses:
- Cause for Concern
- How This Impacts You
- Next Steps