Pension Protection Act for Plan Restatements
In late March of 2018, the IRS announced new rules and deadlines for pre-approved defined benefit plans. The new announcement requires that all defined benefit plans using pre-approved plan documents restate their plan before April 30, 2020.
The plan restatement process is the way that the IRS requires employers to keep pre-approved plan documents in compliance with legislative and regulatory changes. Because there have been so many changes in recent years it is important to review your plan documents to make sure they are complying with current rules.
The plan restatement deadline is an ideal time to review the plan documents as well as the plan design to make any necessary amendments to the plan. Employers and plan advisors should meet to review the existing plan document, any existing plan amendments, and to consider any plan changes they would like to make.
When received by EBS we will prepare the drafting worksheet for the plan based on the terms of the terms of theplan with the documents for execution being setn via email from EBS with instructions for adoption.