This revenue procedure modifies Rev. Proc. 2015-36 and sets forth the procedures for the merger of the master and prototype (M&P) program with the volume submitter (VS) plan. This revenue procedure requires employers adopting pre-approved plans to complete and sign new signature pages or new adoption agreements, as applicable, in order to restate their plans for recent changes in the law. This revenue procedure require sponsors of pre-approved plans to furnish copies of their plans to the Serviceâs Employee Plans Determinations office, maintain records of employers that have adopted their plans, prepare and communicate any necessary interim amendments to adopting employers, make reasonable and diligent efforts to ensure that employers restate their plans when necessary, and notify employers if the sponsor concludes that employersâ plans are no longer qualified. provides that mass submitters must keep records of their user fees. This allows mass submitters to certify to the number of other practitioners seeking approval of the identical pre-approved plan. In addition mass submitters must prepare and communicate any necessary interim amendments to the word for word identical adopters.
Emergency justification -1545-1674
Rev. Proc. 2017-xx is guidance that is an essential part of an administrative priority to eliminate burdens on plan sponsors, employers and the Service with respect to TE/GEâs Employee Plans pre-approved plan programs. Due to a lack of resources, the IRS made significant changes to the individually designed program, generally effective January 1, 2017, that reduced the instances under which employers maintaining individually designed plans could submit a determination letter request. As a result of this contraction, the TE/GE Employee Plans Division is continuing to encourage and facilitate the use of pre-approved plans in order to enable more employers to obtain reliance that their plans are qualified. A critical part of this effort includes issuing Rev. Proc. 2017-xx, which expands current pre-approved plan program availability to include additional types of employers (governmental employers and non-electing churches) and by combining the current Master & Prototype (M&P) and Volume Submitter (VS) pre-approved programs into a combined, streamlined program with modified rules and procedures which provide greater flexibility in plan design.
This combined pre-approved program generally incorporates characteristics that were previously in either or both of the M&P or the VS programs. Thus, the vast majority of sponsoring organizations that offered pre-approved M&P or VS plans, or both, will generally be familiar with the characteristics and requirements of the combined program. However, the current submission under the program begins August 1, 2017. Sponsors of these plans will need several months of lead time after release of the revenue procedure to prepare their submissions. If clearance of the procedure is delayed, in addition to delaying this high profile program covering over 300,000 employer sponsored retirement plans, separate guidance would need to be issued as soon as possible that would extend the submission deadline.
We ask that OMB approve the collection of information on an expedited basis. The Employee Plans Division of the IRS and the Chief Counselâs Office of the IRS have consulted with stakeholders in drafting the guidance in order to take all practicable steps to minimize the burden of the collection of information.
US Code:
26 USC 403(b)
Name of Law: Tax Sheltered Annuity Plans
US Code:
26 USC 401
Name of Law: Qualified pension, profit-sharing, and stock bonus plans.
The merger of the master and prototype (M&P) program with the volume submitter (VS) program results in a reduction in the total number of pre-approved providers required to submit responses pursuant to this revenue procedure, and the modifications to the pre-approved program make it more accessible to new types of plans, increasing the number of total respondents. In addition, the merger will require providers to modify the plans they utilize to accommodate the rules of the modified program which will lead to a decrease in the total recordkeeping burden under this revenue procedure.
Change in Burden Hours from 2015-36:
Signature for Reinstatement: -35,910
Furnish Copies: 156,600
Records: -65
Certificate of Intent: -15,225 (removed)
The burden also changed in the forms. The following shows the change in burden from 1545-0169:
4461:-7,330
4461-A: -12,475
4461-B: -30,160
$3,187
No
No
No
No
No
Uncollected
Kathleen Hermann 2022839635
Reginfo record details
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form Form 4461-B Form 4461-B
Emergency justification2 final.docx
Rev Proc 2017-XX modifying Revenue Procedure 2015-36 (Master and Prototype and Volume Submitter Plans) (previously Rev. Proc. 2011-49 & 2005-16)