Plan Document Restatements - Solo 401(k) Plans

I'm taking over a solo 401(k) Plan that has exceeded the $250k in assets and therefore need to file the Form 5500.  It used an Adoption Agreement, but what I was provided was dated back in 2018.

I'm just confirming, even these types of plans had to be restated prior to July 31, 2022 correct?  With the need to provide the date/serial number for the restatement on the Form 5500, I wanted to make sure.

The plan most likely was a pre-approved plan and should have been restated by now for Cycle 3.  (It is possible, but very unlikely, that the plan was an individually designed plan that was structured with an Adoption Agreement and a Basic Plan Document.)

The instructions for a Form 5500-EZ say to answer the compliance questions "enter the date of the most recent favorable Opinion Letter issued by the IRS and the Opinion Letter serial number listed on the letter".

Hopefully the plan was restated and all is good.  If the plan was not restated, then inform the client of the issue (they need an updated document).

If the client asks you to provide the document, be sure to charge the client for all of your services.

The number of "solo 401k plans" that are referred to me that are missing restatements is disheartening.  When I explain the issue and cost to correct it, almost every single one has elected to go back under their rock and hide (hopefully at least getting a current restatement, for their own sake).

I have to presume that these solo 401k vendors are doing the bare minimum and sending the sponsor some kind of correspondence about a restatement... but no follow-up because their service agreement puts all the responsibility onto the sponsor.  "But I saved a couple hundred bucks on administration!"  Good trade-off. *eyeroll*

Yes, this is a pet peeve of mine.