The Cycle 3 restatement deadline for DC plans was July 31, 2022. That was a Sunday.

[David Peckham]

We have a client who signed the Cycle 3 plan restatement document on Monday, August 1, 2022.

Is this late, or did we get a weekend extension in this case?

[David Peckham]

Trying to answer my own question. . .

"Section 7503 of the Code extends the time for performing an act required by the
internal revenue laws when the last day for performing the act would be a Saturday,
Sunday, or legal holiday." quote taken from Rev. Rul. 2015-13.

The Cycle 3 restatement deadline was an act required by Internal Revenue laws, was it not?

So, I think our client would receive the benefit of the weekend extension.

Does anyone disagree?

[Belgarath]

Not sure I agree. that Revenue Ruling really was, IMHO, specific to tax returns, which of course a plan restatement is not. I think that technically, it is late.

Now, I have found that the IRS is generally pretty reasonable about things, and in this situation, it would take a pretty harda** reviewer to stick it to your client. But is it worth the risk?

Others may have different opinions.

[Peter Gulia]

Internal Revenue Code § 7503 refers to “the last day prescribed under authority of the internal revenue laws for performing any act[.]”

There are many possible interpretations of the statute and the Treasury’s rule. See 26 C.F.R. § 301.7503-1 https://www.ecfr.gov/current/title-26/chapter-I/subchapter-F/part-301/subpart-ECFR94f366dd75fae71/subject-group-ECFRd06c5ed639eb8dd/section-301.7503-1.

There was a BenefitsLink discussion about this in July 2022. https://benefitslink.com/boards/topic/69382-effective-date-of-cycle-3-restatement-1-day-after-deadline/ If I may summarize:

No one expressed a conclusion about whether the holidays rule applies to signing a document amending a retirement plan.

Practitioners suggested getting one’s client to sign before the specified date, without a Saturday-Sunday tolerance.

I mentioned the holidays statute as a face-saving argument an advocate might research and might consider presenting. That the IRS might be called to explain or consider an interpretation sometimes helps avoid an issue or negotiate a closing agreement.

Perhaps David Peckham’s client won’t need to argue a Saturday-Sunday tolerance if no one asserts that the 2022 amendment was not timely.

[Gilmore]

What are the rules anymore for failing to timely restate?  Assume the Monday signing is considered late.  Is the plan an individually designed plan for one day?

[david rigby]

You can find some prior discussion threads on this point, using the search feature above.  Perhaps use a search word of "7503".