Cycle 3 Defined Contribution Pre-Approved Plan Restatement Deadline Rapidly Approaching!
CYCLE 3 DEFINED CONTRIBUTION PLAN RESTATEMENTS
The Cycle 3 defined contribution pre-approved restatement deadline is nearly here! The two-year employer restatement window ends on July 31, 2022. That means you have less than one month to restate your clients’ PPA defined contribution 401(k), profit sharing, money purchase, governmental, church and ESOP plans onto updated Cycle 3 pre-approved plan documents. The restated plans must be signed and fully executed by the July 31, 2022 deadline.
Restatements done under another document vendor? You can still switch to ASC! Contact sales@asc-net.com or (800) 950-2082, x1 now to find out how!
CARES/SECURE ACTS INTERIM AMENDMENT STATUS
Retirement plan-related laws enacted in 2017 or later are incorporated into pre-approved plan documents via “good faith” interim amendments. Changes required under the CARES, Miners, SECURE and CA Acts will be combined into a single interim amendment (CSIA). Our CSIA Wizard, which will function similarly to the Hardship Distribution IA Wizard, is being programmed and will be available later this summer. At this time, plans must be amended for these changes no later than the last day of the 2022 plan year (2024 for governmental plans). If passed, SECURE 2.0 may extend the deadline to 2024. We don’t want to plan on the deadline being extended, thus we are planning accordingly.
If you have any questions about our documents or the DGEM system, please contact us at support@asc-net.com. Not yet an ASC Document client? Contact sales@asc-net.com or (800) 950-2082, x1 for more information!
