Update on 2020-2022 Plan Restatements

[Pensions2020]

Does anyone know of any updates on the upcoming Plan Restatements due to begin on 05/01/2020?

[Bill Presson]

2 hours ago, Pensions2020 said:

Does anyone know of any updates on the upcoming Plan Restatements due to begin on 05/01/2020?

It got pushed back. According to this link: https://www.irs.gov/retirement-plans/determination-opinion-and-advisory-letters-6-year-cycle-for-pre-approved-plans the next DC cycle will end 1/31/23 meaning it begins 2/1/21.

Someone correct me if I'm wrong.

WCP

[RatherBeGolfing]

51 minutes ago, Bill Presson said:

It got pushed back. According to this link: https://www.irs.gov/retirement-plans/determination-opinion-and-advisory-letters-6-year-cycle-for-pre-approved-plans the next DC cycle will end 1/31/23 meaning it begins 2/1/21.

Someone correct me if I'm wrong.

WCP

Pushed back for sure.

1/31/23 is the tentative deadline for restatements, but I do not believe that means the window will open 2/1/21.  Last I heard, letters were still expected sometime this year, most likely summer to late summer.

[Bill Presson]

26 minutes ago, RatherBeGolfing said:

Pushed back for sure.

1/31/23 is the tentative deadline for restatements, but I do not believe that means the window will open 2/1/21.  Last I heard, letters were still expected sometime this year, most likely summer to late summer.

Perfect. Thanks RBG!

[Pensions2020]

Thanks for the info!

[Liz Hallam]

IRS anticipates window opening on 8/1/20 and will close 2 years later (7/31/22).  Just a few months late.

[RatherBeGolfing]

Thanks Liz!

[Bill Presson]

47 minutes ago, Liz Hallam said:

IRS anticipates window opening on 8/1/20 and will close 2 years later (7/31/22).  Just a few months late.

Ms Liz, this link already shows it later than that.

https://www.irs.gov/retirement-plans/determination-opinion-and-advisory-letters-6-year-cycle-for-pre-approved-plans

 

 

 

[Liz Hallam]

Bill - that's for mass submitters.  This goes back to old submissions (individual letters).  You notice I said anticipates for Cycle 3 - depends on status for mass submitters (some are still in negotiations.  That's OK because we'll have lots of interim amendments with our restatements.

[Bill Presson]

11 hours ago, Liz Hallam said:

Bill - that's for mass submitters.  This goes back to old submissions (individual letters).  You notice I said anticipates for Cycle 3 - depends on status for mass submitters (some are still in negotiations.  That's OK because we'll have lots of interim amendments with our restatements.

Okay. Thank you, ma'am.