92. Reliance on Opinion Letter

Statement of Requirement: Rev. Proc. 2023-37, 2023-51 I.R.B. 1491, sec. 12.02,

(Note to reviewer: This sample language, or a similar provision, must appear in all nonstandardized 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 only to the extent provided in Rev. Proc. 2023-37.

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

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