90. Reliance on Opinion Letter

Statement of Requirement: Rev. Proc. 2023-37, 2023-51 I.R.B. 1491, sec. 12.01.

(Note to reviewer: This sample language, or a similar provision, must appear in all standardized plans in close proximity to the employer's signature line.)

Sample Adoption Agreement Language:

The adopting employer may rely on an Opinion Letter issued by the Internal Revenue Service as evidence that the plan is qualified under section 401 of the Internal Revenue Code except to the extent provided in Rev. Proc. 2023-37.

An employer who has ever maintained or who later adopts any plan (including a welfare benefit fund, as defined in section 419(e) of the Code, which provides post-retirement medical benefits allocated to separate accounts for key employees, as defined in section 419A(d)(3) of the Code, or an individual medical account, as defined in section 415(l)(2) of the Code) in addition to this plan may not rely on the opinion letter issued by the Internal Revenue Service with respect to the requirements of sections 415 and 416 of the

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Code.

The employer may not rely on the opinion letter in certain other circumstances, which are specified in the opinion letter issued with respect to the plan or in Rev. Proc. 2023-37.

This adoption agreement may be used only in conjunction with basic plan document # _____.