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IRS Issues 2017 Required Amendments List IRS Issues 2017 Required Amendments List

IRS Issues 2017 Required Amendments List

The Internal Revenue Service ("IRS") issued the 2017 Required Amendments List under IRS Notice 2017-72 on Dec. 5, 2017. The Treasury and the IRS have stated their intent to publish an annual Required Amendments List that generally applies to changes in qualification requirements that become effective on or after January 1 of that year. The Required Amendments List establishes the date by which plan amendments must be made for changes in qualification requirements contained on the list. In general, a Required Amendment List will not include a change to the qualification requirements until guidance regarding such change (including any model amendments) has been provided in regulations or in other guidance published by the IRS. However, the IRS may include items on a Required Amendments List in other situations, such as when a statutory change is enacted and it is anticipated that no guidance will be issued.
The 2017 Required Amendments List addresses the following three items: 
  1. final regulations regarding cash balance/hybrid plans;
  2. benefit restrictions for certain defined benefit plans; and
  3. final regulations regarding partial annuity distribution options for defined benefit pension plans. 
These three items were also included on the 2016-2017 Operational Compliance List, last updated by the IRS on Aug. 17, 2017, as items effective in 2017. These amendments are applicable to certain defined benefit plans and are not applicable to governmental plans.

On Aug. 10, 2017, we published an e-alert entitled "Introducing Ice Miller's Qualified Plan Comply Now Program," which addressed how Ice Miller can assist you with keeping your plan documents in compliance with the IRS ongoing changes in qualification requirements in light of the IRS' near termination of its determination letter program.
To discuss the impact of the 2017 Required Amendments List on your plan documents, or for more information about Comply Now, contact your Ice Miller Employee Benefits attorney. If you do not have a regular Ice Miller Benefits Attorney, please contact Audra Ferguson-Allen, Rob Gauss, Lisa Harrison, Melissa Proffitt, Tara Sciscoe or Chris Sears.

This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader should consult with legal counsel to determine how laws or decisions discussed herein apply to the reader's specific circumstances.
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