Jakyasar Posted April 20, 2023 Posted April 20, 2023 I am sure this will be a hot topic to discuss in the future. Plan DOT 12/31/2022 Restatement period started 4/1/2023 Possible asset distribution 6/1/2023. Do I need to restate?
Paul I Posted April 20, 2023 Posted April 20, 2023 When a plan is terminated, it must be brought up to date with all required amendments. Has that been done?
Jakyasar Posted April 20, 2023 Author Posted April 20, 2023 Not for SECURE 2.0 as they do not exist yet, I checked with my doc provider. I will have the plan sponsor adopt it when available. They also told me that as long as assets are distributed prior to 3/31/2025, no need for restatement. Will see how it goes.
CuseFan Posted April 20, 2023 Posted April 20, 2023 A terminating plan never HAS to restate but it must be compliant with all laws/regulations as of the termination date. You should only need to update for any SECURE 2.0 provisions effective prior to 2023, if any. For DBPs, I don't think there is anything. Paul I, Bill Presson and EBP 3 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
Jakyasar Posted April 21, 2023 Author Posted April 21, 2023 According the doc provider, one for the db is coming
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