IRS Posts Additional Instructions for Benefit Plan Determinations

The IRS has released updated Instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans. This form is used if the plan is a nonstandardized pre-approved plan and the employer has made limited modifications that do not create an individually designed plan. Form 5307 may also be used when an employer amends its standardized or nonstandardized plan solely to add language related to the required aggregation of plans. The form and instructions have been updated to be completed on as of July 1, 2023. Revenue Procedure 2023-4 contains guidance under which the determination letter program is administered.