What is a pre-approved plan?

A pre-approved plan is one that the IRS has reviewed and approved all of the options that are available. The IRS issues an advisory or opinion letter as evidence of the plan's pre-approved status.

All employers who adopt a pre-approved plan covered by the IRS letter are entitled to rely on the approval letter issued at the “global” level without applying for their own, individual determination letter.

Our plan documents include the IRS letter.  It is typically sent as a link in the email which accompanies the plan documents.