NOTICE AND REGISTRATION REQUIREMENTS FOR SPONSORS OF REGIONAL PROTOTYPE PLANS ARE SIMPLIFIED.

Rev. Proc. 95-42

SECTION 1. PURPOSE

This revenue procedure modifies Rev. Proc. 89-13, 1989-1 C.B. 801, in order to simplify certain notice and registration requirements that apply to sponsors of regional prototype plans.

SECTION 2. BACKGROUND AND GENERAL INFORMATION

.01 Rev. Proc. 89-13 contains the procedures of the Internal Revenue Service for issuing notification letters relating to the qualification of regional prototype defined contribution and defined benefit plans.

.02 Section 14.05 of Rev. Proc. 89-13 contains certain notice and registration requirements, including the following.

(1) Section 14.05(1) requires the sponsor to notify the key district office on each anniversary of the date of its initial notification letter whether it has made any changes to the plan and whether it intends to continue to make the plan available for adoption.

(2) Section 14.05(2) requires the sponsor to give the key district office on each anniversary date cumulative lists of employers that have adopted the plan and a certification that the sponsor is in current compliance with requirements concerning certain notices that must be given to adopting employers.

SECTION 3. MODIFICATION OF REV. PROC. 89-13

.01 Section 14.05(1) of Rev. Proc. 89-13 is modified to require the annual notice to be given to the key district office at any time between January 1 and January 31 of each calendar year, beginning with the year after the year in which the initial favorable notification letter is issued, rather than on each anniversary of the date of issuance of the notification letter. This change is effective on August 28, 1995. Any annual notices that would otherwise have been due in 1995 need not be filed until January, 1996.

.02 Section 14.05(2) of Rev. Proc. 89-13 is modified to provide that the sponsor's annual notice to the key district office should no longer include the cumulative lists of employers that have adopted the plan. However, the sponsor must continue to maintain such lists and to furnish them to the key district office upon request. The sponsor need not retain information regarding an employer if more than three years have elapsed since the sponsor discontinued its sponsorship of the employer's prototype plan. The sponsor must also continue to include in its annual notice to the key district office a certification that it is in current compliance with the notification requirements in sections 14.05(3) and 14.05(4) of Rev. Proc. 89-13.

SECTION 4. EFFECT ON OTHER DOCUMENTS

Rev. Proc. 89-13 is modified.

SECTION 5. EFFECTIVE DATE

This revenue procedure is effective on August 28, 1995.

DRAFTING INFORMATION

The principal author of this revenue procedure is James Flannery of the Employee Plans Division. For further information regarding this revenue procedure, please contact Employee Plans Division's taxpayer assistance telephone service or Mr. Flannery between the hours of 1:30 p.m. and 4 p.m. Eastern Time, Monday through Thursday, by calling (202) 622-6074/6075 or (202) 622-6214. (These telephone numbers are not toll-free numbers.)