SECTION 8. EMPLOYER

RELIANCE ON M&P AND VOLUME SUBMITTER PLANS

Scope .01 Rev. Proc. 2011–49 describes the procedures for requesting opinion letters and advisory letters on M&P and VS plans and the extent to which adopting employers of such plans may rely on favorable opinion or advisory letters without having to request individual determination letters.

Modifications to Revenue Procedure 2011–49

.02 Rev. Proc. 2011–49 is hereby modified as follows with respect to determination letter applications filed on or after May 1, 2012:

(1) An adopting employer of an M&P plan (whether standardized or nonstandardized) may not apply for a determination letter for the plan on Form 5307.

(2) An adopting employer of a VS plan may not apply for a determination letter for the plan on Form 5307 unless the employer has modified the terms of the approved plan and the modifications are not so extensive as to cause the plan to be treated as an individually designed plan.

(3) An application for a determination letter for an M&P or VS plan that is filed on Form 5300 is treated as an application for an individually designed plan, requiring the plan to be restated to take into account the Cumulative List in effect when the application is filed, unless the employer is filing the application solely for one or more of the following reasons:

Sec. 8.02 2012–1 I.R.B. 209 January 3, 2012

Reliance equivalent to determination letter