Transcription of Restatement and amendment deadlines - Kravitz, Inc.
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Restatement and amendment deadlines - Kravitz, Inc.
Qualified plans must operate in accordance with their plandocuments. Ongoing legal andregulatory changes in retirementplan rules frequently require plan sponsors to amend andrestate their plans to keep theirdocuments in compliance. Preapproved plans ( , master and prototype documents and volume submitter plans) must berewritten, reviewed and approvedby the IRS, and readopted byemployers once every six years. We are currently in the midst of thefirst six-year Restatement cycle, and the EGTRRA document has beenapproved by the IRS. Employers usingpreapproved defined contribution plan documents must restate (readopt)them by April 30, 2010. Cumulative list conceptIn order to know what qualificationrequirements should be included whena plan is being rewritten, the IRS devisedthe cumulative list concept. Each year,an updated list is issued containingqualification requirements for plansthat must be rewritten the followingyear.
Roth IRA conversions are a hot topic. Effective January 1, 2010, a provision in the Tax Increase Prevention and Reconciliation Act of 2006 (TIPRA) eliminates
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