SECTION 22. REVOCATION

Revocation of Opinion or Advisory Letter by the Service - An opinion or advisory letter found to be in error or not in accord with the current views of the Service may be revoked. However, except in rare or unusual circumstances, such revocation will not be applied retroactively if the conditions set forth in section 13 and 14 of Rev. Proc. 2005–4, 2005–1 I.R.B.

March 7, 2005 692 2005–10 I.R.B.

The collection of information in this revenue procedure is in sections 5.11, 8.02, 11.02, 12, 14.05, 15.02, 18 and 24. This information is required to enable the Commissioner, Tax Exempt and Government Entities Division of the Internal Revenue Service to make determinations in connection with plan qualification. This information will be used to determine whether a plan is entitled to favorable tax treatment. The likely respondents are banks, insurance companies, other financial institutions, law, actuarial and consulting firms, employee benefit practitioners and employers.

The estimated total annual reporting and/or recordkeeping burden is 1,058,850 hours.

The estimated annual burden per respondent/recordkeeper varies from ¹ /2 to 2,000 hours, depending on individual circumstances, with an estimated average of 3.56 hours. The estimated number of respondents and/or recordkeepers is 297,750. The estimated frequency of responses is occasional.

Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. § 6103.

DRAFTING INFORMATION

The principal author of this revenue procedure is Ingrid Grinde of the Employee Plans, Tax Exempt and Government Entities Division. For further information concerning this revenue procedure, please contact the Employee Plans’ taxpayer assistance telephone service at 1–877–829–5500 between 8:30 a.m. and 6:30 p.m., Eastern Time, Monday through Friday (a toll-free number). Ms. Grinde may be reached at (202) 283–9888 (not a toll-free number).

changes identified on the 2004 Cumulative List will be considered by the Service in its review of pre-approved defined contribution plans that must be submitted by January 31, 2006. However, a plan must comply with all relevant qualification requirements, not just those on the 2004 Cumulative List. The Service will not review plan language for statutory changes enacted, or guidance issued, after December 14, 2004, unless it is on the 2004 Cumulative List. Thus, sponsors of defined contribution pre-approved plans submitting applications during the submission period that will end January 31, 2006, may not rely on opinion or advisory letters with respect to statutory changes enacted, or any guidance issued, after December 14, 2004, unless that guidance is listed on the 2004 Cumulative List.