Vision Payroll

June 27, 2010

IRS Provides Relief to Plan Sponsors in States Impacted by Storms

In Notice 2010-48, the Internal Revenue Service (IRS) provided administrative “relief to sponsors of defined contribution pre-approved plans (i.e., master and prototype (‘M&P’) and volume submitter (‘VS’) plans).” Notice 2010-48 extended the following from April 30, 2010 to July 30, 2010:

  • Deadline for restating affected pre-approved defined contribution plans,
  • Deadline for submitting determination letters to the Service, and
  • The § 401(b) remedial amendment period with respect to these plans.

The notice lists how a plan is considered in an affected area and lists the eight affected areas, all of which received previous relief from the IRS. The areas are the following:

  1. Connecticut
  2. Tennessee
  3. Alabama
  4. Mississippi
  5. New Jersey
  6. Massachusetts
  7. Rhode Island
  8. West Virginia

Contact Vision Payroll for further information on Notice 2010-48.

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