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Featured: IRS Issues New Operational Compliance List
Practical Law Legal Update w-006-7823 (Approx. 2 pages)
Featured: IRS Issues New Operational Compliance List
by Practical Law Employee Benefits & Executive Compensation
| Published on 07 Mar 2017 • USA (National/Federal) |
Practical Law's Article summarizes the Operational Compliance List (OC List) issued by the IRS. The OC List identifies the changes to the tax-qualification requirements for retirement plans.
On February 28, 2017, the IRS issued the Operational Compliance List (OC List), in accordance with IRS Rev. Proc. 2016-37, to assist sponsors and practitioners involved with tax-qualified retirement plans governed by the Code in achieving operational compliance by identifying changes to the tax-qualification requirements that are effective during the 2017 calendar year.
The OC List:
- Identifies matters that may require either a 2017 mandatory or discretionary plan amendment.
- Includes other significant guidance that affects daily plan operations.
- Will only be available on the IRS OC List webpage and will not be published in the Internal Revenue Bulletin.
To streamline your review of the OC List, Practical Law drafted this Article that summarizes the OC List and provides links to several Practical Law resources that analyze and incorporate the guidance referred to in the OC List.