IRS Announces Issuance Opinion Letters for Pre-Approved DB Plans

The IRS has released Announcement 2023-6, stating that it expects to issue opinion letters for pre-approved defined benefit plans that were filed with the IRS during the third remedial amendment cycle “on February 28, 2023, or, in some cases, as soon as possible thereafter.” Further, employers maintaining a pre-approved defined benefit plan are required to adopt a newly approved third remedial amendment cycle plan on or before March 31, 2025. Adopting employers, who are otherwise eligible, may also apply for an individual determination letter between April 1, 2023, and March 31, 2025.