Plan Documents, Where Do We Stand? What is Cycle 3?

ASPPA [American Society of Pension Professionals & Actuaries]

Defined Contribution Plans are about to be restated, but under Cycle 3 the rules have changed dramatically. There are no more prototype or volume submitter plans, just pre-approved.  One problem is these new plans do not reflect the most recent legislation and will require amendments to properly address. The IRS is limiting language that is in current documents that may impact both plan design and future operation.  We have just finished restating defined benefit plans for PPA’06, but document vendors are about to redraft for Cycle 3 and will be reflecting both the SECURE and CARES Acts.

Learning Objectives:

• Learn how BBA 2018, SECURE and CARES Acts will be handled in restated documents.
• Understand how designs might change as the IRS restricts language.
• Learn how grandfathering of plan terms may impact when employers should restate onto the new documents and how that can impact your work plans.

Speaker: Richard Hochman, Director, Retirement Plan Consulting Services, Actuarial Systems Corporation (ASC)

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