Announcement 2023-6: Updates on third six-year remedial amendment cycle for pre-approved defined benefit plans
The IRS intends to issue opinion letters on February 28, 2023.
Updates on third six-year remedial amendment cycle for pre-approved defined benefit plans
The IRS today issued Announcement 2023-6 to notify taxpayers that the IRS intends to issue opinion letters on February 28, 2023, or, in some cases, as soon as possible thereafter, for pre-approved defined benefit plans that were updated for changes in plan qualification requirements listed in Notice 2020-14 and that were filed with the IRS during the third six-year remedial amendment cycle for pre-approved defined benefit plans established under Rev. Proc. 2016-37.
Announcement 2023-6 [PDF 130 KB] also:
- Notifies taxpayers that an employer intending to maintain a pre-approved defined benefit plan for the third six-year cycle for defined benefit plans must adopt a newly approved plan on or before March 31, 2025
- Announces that the IRS will accept applications from adopting employers for individual determination letters during the period beginning April 1, 2023, and ending March 31, 2025
Read the accompanying IRS release
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.