AccuDraft Pro Update - Elimination of 5-year Amendment Cycles
New AccuDraft Pro Update for Elimination of Five-year Amendment Cycles
Effective January 31, 2017, the Internal Revenue Service (IRS) clarified and modified its qualified plan determination letter program by eliminating the five-year remedial amendment cycle for individually-designed plans. Consequently, the IRS will only accept applications for approval in the following circumstances:
Initial plan qualification
Qualification upon plan termination
Other circumstances for amended plans considered valid by the IRS at the time of the filing or as announced in published guidance.
Effective immediately, all references to “Cycles” have been eliminated from the ESOP, KSOP and Cash Balance Plans and each plan is current for the changes required by the 2015 Cumulative List of Changes (IRS Notice 2015-84) and the 2016 Required Amendment List for Qualified Retirement Plans (IRS Notice 2016-80).
Considering these new rules and their overlap with the third five-year Cycle A filing, the IRS accepted determination letter filings until the January 31, 2017 deadline in accordance with previously established guidelines.
A full explanation of the new filing guidelines and the redefined remedial amendment period for disqualifying provisions can be found at Revenue Procedure 2016-37.
What is in this Update
This update contains the following items:
Updates to the Cash Balance Plan interview to remove references to the 5-Year Cycle program.
Macro PLAY instructions within each document that contains a table of contents to restore the funtionality of automatic updates to the tables of contents.
How to Install this Update
To install this new AccuDraft Pro update, follow these steps:
1. Navigate to the Resources Page of the AccuDraft website, or navigate to www.accudraft.com and click the "Resources" menu item.
2. You will be prompted to "Sign In", and you should already have login credentials. If you do, click the "I'm already a user, Login" link and enter your email and password. If not, enter the email and a password you'd like to use for the AccuDraft site.
3. On the Resources page, click the "AccuDraft Pro Updates" icon from the green icons menu. This will take you to the "AccuDraft Pro Updates" area of the Resources page. Click the blue "AccuDraft_Pro_Update_020617.hdi" link towards the upper left of the "AccuDraft Pro Update" area. This will bring you to a download page. Click the "Download" button. Be sure to note where the file is being downloaded (generally into your "Downloads" folder).
4. Once the file download is complete, navigate to the folder in which the update file (AccuDraft_Pro_Update_020617.hdi) was downloaded. Then double-click the file, and this will launch the update process. 5. When the install process begins, you will see a dialog box informing you that the update contains templates that override existing templates in your current library, which is the correct. Click "Override All" to allow the update program to install the newly updated templates and interviews to your AccuDraft Pro Library. Once the process is completed, the update will inform you that it has finished and you templates have been installed. 6. After the update, you will continue to launch the AccuDraft Pro program in the same way as before. There are no changes in how you access the program made by this release. When you open your AccuDraft Pro System, you can verify that the program was successfully updated by noting the Release Date of February 06, 2017 in the library's properties pane. This pane will also display a list of the items that have been updated as listed above.
Have a Question or Need Information?
As always, if you have any questions on this new update, feel free to contact us at 877-346-5994 or support@accudraft.com.
