IRS Plans to End Approvals of Custom Plan Changes

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

About thebenefitblog

Eric is a Producer at Lockton Insurance Brokers, Inc., the world’s largest privately held commercial broker. Eric has over 23 years of experience in the insurance industry and has spent the last 11 years with Lockton. Eric specializes in Health & Welfare Benefits, Retirement Planning, and Executive Benefits. Eric's clients utilize his expertise in the areas of Plan Due Diligence, Transaction Structure, Fiduciary Oversight, Investment Design, Compliance and Vendor negotiation to improve the operational & financial outcome for each client. The Benefit Blog is a place to share that expertise and industry news.
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