IRS updates determination and opinion letter procedures for 2024 

IRS’s annual update to procedures for requesting determination letters and private letter rulings contains few substantive changes. Besides making routine revisions for dates, cross-references and citations to other revenue procedures, Rev. Proc. 2024-4 includes the following updates:

• Preapproved plans. The revenue procedure now has references to the recently released Rev. Proc. 2023-37, which consolidates the rules for requesting opinion or determination letters for preapproved qualified and Internal Revenue Code Section 403(b) plans. (Rev. Proc. 2023-37 also provides rules for those plans relating to remedial amendment periods, the remedial amendment cycle and plan amendment deadlines.)
• Electronic submission of some forms. Filers must electronically submit Form 5300, Application for Determination for Employee Benefit Plan; Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans; Form 5310, Application for Determination for Terminating Plan; and Form 5316, Application for Group or Pooled Trust Ruling through www.pay.gov.
• User fees. Starting July 1, 2024, the following user fees will increase:

1. The fee for requesting an opinion letter under Rev. Proc. 2023-37 for a preapproved qualified or 403(b) plan with an adoption agreement will increase to $20,000 per basic plan document with one adoption agreement and $15,000 for each additional adoption agreement (up from $16,000 and $11,000, respectively).
2. The fee for requesting an opinion letter under Rev. Proc. 2023-37 for a preapproved qualified or 403(b) plan without an adoption agreement will rise to $32,000 per plan (up from $28,000).
3. The fee for filing Form 5307 will increase to $1,200 (up from $1,000).
4. The fee for filing Form 5300 or Form 5310 for a multiple-employer qualified plan will go up to $4,200 (up from $4,000).

• Rev. Proc. 2024-4 (IRS, Jan. 2, 2024)