The Internal Revenue Service (IRS) requires that all pre-approved defined contribution plans be updated every six years to comply with changes to laws and regulations made since the previous restatement cycle. The previous cycle ended on April 30, 2010, which required employers to restate their pre-approved retirement plan documents to comply with provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).
The IRS has opened the next restatement cycle period, which will require an update of any pre-approved plans to comply with law and regulation changes made primarily by the Pension Protection Act of 2006 (PPA). The PPA document restatement cycle ends April 30, 2016.
As your plan document will be restated in its entirety, this is an excellent time to review the provisions of your plan to make sure that it is working effectively for you. If Katz, Sapper & Miller currently provides your retirement plan document services, we will be contacting you in the near future to schedule a review of your plan’s provisions and to assist you in evaluating your plan’s design to determine if it is still accomplishing its intended goals and objectives. We will also assess whether any additional changes should be made during the current restatement process.
We have prepared a list of frequently asked questions to help answer your questions regarding restating a qualified plan.
The contents of this message are for informational purposes only. If you have any questions regarding your retirement plan or the restatement process, please contact any of the following members of our Employee Benefit Plan Services Group.