IRS Pauses New Letters on Prototype Retirement Plans

The Internal Revenue Service is temporarily pausing opinion letters it issues plan sponsors that set up prototype retirement plans while the agency revises the program.

An announcement Monday states that individual retirement accounts, simplified employee pension, and savings incentive match plan adopters can continue to rely on previously received favorable opinion letters or existing draft model forms the agency provides.

Plan sponsors use prototype IRAs to customize their retirement plans, establishing both a pre- and post-tax arrangement under one document.

The IRS said it would be revising its current model forms to reflect frequent prototype arrangements and implementing measures passed …

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