IRS Updates Rules for Opinion, Advisory Letters for Pre-Approved Plans

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IRS releases Revenue Procedure 2011-49, which updates the requirements for requesting opinion and advisory letters regarding the acceptability under tax code Sections 401 and 403(a) of the form of master and prototype (M&P) and volume submitter (VS) plans. According to Rev. Proc. 2011–49, which modifies and supersedes Rev. Proc. 2005-16, the submission period for opinion and advisory letters for master and prototype plans and volume submitter plans runs from Feb. 1 until Jan. 31, 2012.