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SECTION 1. PURPOSE
.01 This revenue procedure sets forth the Service's procedures for issuing opinion and advisory letters regarding the acceptability under § 401 and § 403 (a) of the Internal Revenue Code (the "Code") of the form of pre-approved plans (that is, master and prototype (M&P) and volume submitter (VS) plans). The revenue procedure revises the existing procedures to eliminate several of the differences between the M&P and VS programs while maintaining the distinctive features of each program.
.02 This revenue procedure provides that the Service will accept applications for opinion and advisory letters beginning February 17, 2005, for defined contribution pre-approved plans that take into account the requirements of the Economic Growth and Tax Relief Reconciliation Act of 2001, Pub. L. 107-16 (EGTRRA) as well as other changes in qualification requirements and guidance. The submission period for these pre-approved plans will end on January 31, 2006. The Service will announce the deadline for timely adoption by employers after the pre-approved documents have been reviewed. In addition, the Service intends to accept applications for determination letters for individually designed plans beginning on or after February 1, 2006, and applications for opinion and advisory letters for pre-approved defined benefit plans beginning February 1, 2007. The opening of these programs will be announced at a future date.
SECTION 2. BACKGROUND
.01 The procedures of the Service on the issuance of opinion letters regarding the acceptability of the form of M&P plans are set forth in Rev. Proc. 2000-20, 2000-1 C.B. 553, as modified. This revenue procedure modifies and supersedes Rev. Proc. 2000-20.
.02 Rev. Proc. 2005-6, 2005-1 I.R.B. 200, sets forth the general procedures of the Service on the issuance of employee plan determination letters and advisory letters regarding the acceptability of the form of volume submitter plans.
.03 Notice 2001-42, 2001-2 C.B. 70, and Rev. Proc. 2005-6 provide that opinion, advisory and determination letters that take into account EGTRRA will not be issued until further notice.
.04 Announcement 2004-33, 2004-18 I.R.B. 862, contains a draft revenue procedure that applies to both the M&P and VS programs, with the rules for issuing opinion letters and advisory letters for pre-approved plans. This revenue procedure finalizes and replaces the draft revenue procedure in Announcement 2004-33.
.05 Announcement...