IRS to Issue Sample Plan Amendments for New Tax Law

The IRS has promised to issue sample amendments to allow companies to change their retirement plans to conform to the Economic Growth and Tax Relief Reconciliation Act of 2001. Companies could just incorporate the language or use it as a model. By doing this, companies will be able to operate in "good faith" under the new law until their plans are formally amended and letters of determination sent to the IRS. The IRS is also modifying the determination letter process to reflect the changes needed under the new law.