New IRS preapproved plan regime takes effect

Description

Abstract: Last year, in Revenue Procedure 2017-41, the IRS announced a new regulatory regime for defined contribution plans. The regime was issued to encourage employers with individually designed plans to convert to the preapproved format. This article discusses what employers should know going forward to meet the October 1, 2018, deadline for prospective submitters of “preapproved” defined contribution plan documents.