Approximately every 6 years, the IRS mandates that employers update their plan documents through the process of “restating” their documents. “Restating” is a complete rewrite of plan documents in order to incorporate any recent regulatory or legislative changes that have occurred since the documents were written. Restatements are divided into various cycles depending on their plan type. Each plan type has a different six-year restatement cycle.
The Cycle 3 Defined Contribution Restatement Period for Pre-approved Plans opened August 1, 2020. Employers using Pre-approved Defined Contribution Plan Documents must restate their plans by July 31, 2022.
The Robin S. Weingast & Associates team is currently working on the restatement process for all plans.
Questions about your restatement process and what it means for you? Contact us and we'll walk you through what to expect.
Comments