Draft Instructions for Determination Filings of Modified Nonstandardized Pre-Approved Plans Released

The IRS has published a June 2023 draft of instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans. Form 5307 is used to request a determination for a nonstandardized pre-approved plan when the plan sponsor has made limited modifications to the pre-approved plan that do not create an individually designed plan. The IRS indicates that the form and instructions have been updated and will be available to be completed on Pay.gov as of July 1, 2023. Also, the form and the instructions have undergone major revisions in the format and information required.