Basically Posted November 12, 2021 Share Posted November 12, 2021 In announcement 2020-07 there is this passage: Deadline for Employer Adoption of Pre-approved Defined Contribution PlansThe end of the third six-year remedial amendment cycle for pre-approved defined contribution plans is January 31, 2023. An adopting employer whose defined contribution plan is eligible for the six-year remedial amendment cycle and who adopts, by July 31, 2022, a newly approved plan, will be considered to have adopted the plan within the third six-year remedial amendment cycle. so... Jan 31, 2023 or July 31, 2022? I don't get the need for 2 separate dates. If I have an existing plan and we need to restate the document to comply with Cycle 3 it says above "The end of the third six-year remedial amendment cycle for pre-approved defined contribution plans is January 31, 2023" which I am taking to say you need to restate by 1/31/23. Or do I need to have them restated by July 31, 2022? What is the IRS is trying to convey? What am I missing? Link to comment Share on other sites More sharing options...
CuseFan Posted November 12, 2021 Share Posted November 12, 2021 I think restatements must be adopted by 7/31/2022. I'm not sure but I think it's the sponsors of those plans (not adopting employers) that have until 1/31/2023 to make corrections to their documents, but I could be wrong. Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com Link to comment Share on other sites More sharing options...
Basically Posted November 12, 2021 Author Share Posted November 12, 2021 Ok, so the IRS is addressing the document authors and the plan sponsors adopting their document. And the key phrase I see you wrote is "to make corrections to their documents" regarding 1/31/23 Thanks Link to comment Share on other sites More sharing options...
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