APRIL 9, 2014 Last week, the IRS approved the ASC Institute’s (ASCi) PPA Prototype and Volume Submitter Defined Contribution Plan Documents. In Announcement 2014-16, the IRS announced that the two-year window for employers to restate their pre-approved defined contribution plans will begin May 1, 2014 and end April 30, 2016.  The IRS expects to issue approval letters to plan sponsors as soon as possible.
“Now that the ASCi prototype and volume submitter documents have been approved by the IRS, our clients can begin the process of restating plans onto the new PPA documents. Documents will be available on the DGEM system for restatement when the IRS program opens on May 1, 2014,” explained Charles Lockwood, J.D., LL.M, a Principal of ASCi and plan document drafter.
“We know the restatement process is much more involved than simply restating the plans. To that end, in our upcoming release we are introducing an exciting new process to facilitate the delivery of the complete package of documents to the plan sponsor.” said Alan Gould, President of ASC.
If you would like more information about the ASCi PPA Plan Documents or DGEM System, Charles Lockwood is hosting two free webcasts. An in-depth look at ASCi’s PPA Document is scheduled for April 23rd. In the 2nd webcast, on May 7th, Charles will walk through the PPA Restatement process using the ASCi DGEM Plan Document System. For more information click here or email info@asc-net.com. The ASC Institute (ASCi) is a subsidiary of ASC and offers retirement plan practitioners qualified plan documents and ERISA education. For more information about the ASC Institute or ASCi PPA Plan Documents email info@asc-net.com.