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February 16, 2009

Opinion letter

Your Guide

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Definition

A written statement issued by the IRS to a plan sponsor as to the acceptability (for purposes of  qualified plans)

  • of the form of a master or prototype plan and any related trust or custodial account under a qualified plan , employee annuity or master trust
  • as to the conformance of a prototype trust, custodial account or annuity with the requirements of Traditional IRAs , SEP IRAs , SIMPLE IRAs and Roth IRAs as applicable.

Opinion letters are issued on:

  • Initial applications
  • Plan amendments
  • Master trusts involving the initial acceptability or amendment of such trusts if they are part of qualified plans  .

Referring Cite

IRM § 7.1.1.2.3 , Revenue Procedure 2000–20

Additional Helpful Information

  • Opinion letters are issued by (by the Director of  Employee Plans Rulings and Agreements in the Office of the Commissioner, Tax Exempt and Government Entities Division of the IRS
  • Opinions letters are not issued for IRS model IRAs, SEPs or SIMPLES

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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