ASC Newsletter
In this issue #22-01
Clarify IRS Restatement Cycles with “At-a-Glance” Timelines
Pre-approved plan restatement cycles are complicated!! To clarify the restatement cycles, we have created “At a Glance” Restatement Timelines for Defined Contribution, Defined Benefit and 403(b) plans.
Approximately every 6 years, the IRS mandates that employers update their plan documents through the process of “restating” their documents. “Restating” is a complete rewrite of plan documents in order to incorporate any recent regulatory or legislative changes that have occurred since the documents were last approved by the IRS. The timing of plan restatements depends on their plan type. Each plan type has a different six-year restatement cycle. 
The Timelines we provide include:
Plan Documents: Restatements and Interim Amendments
Cycle 3 Defined Contribution Pre-Approved Plan Restatements – We are quickly closing in on the Cycle 3 defined contribution pre-approved plan restatement deadline! With the July 31, 2022 deadline right around the corner, now is the time to focus on getting your clients’ PPA 401(k), profit sharing, money purchase and ESOP plans on the updated Cycle 3 versions. Employers who miss the deadline will need to correct their “non-amender” failures under the IRS Employee Plans Compliance Resolutions System (EPCRS). For more information you can visit our Cycle 3 DC Enrollment Center here or email sales@asc-net.com.
Note: For a plan sponsor terminating its defined contribution plan on or before July 31, 2022, ASC recommends restating the plan onto a Cycle 3 document. This is the most efficient way to ensure all plan qualification laws in effect as of the termination date are in the plan.
CARES/SECURE Acts Interim Amendment – We continue to wait for much-needed guidance on many of the provisions added by the CARES, SECURE, Miners and CA Acts. However, we are moving ahead and anticipate a summer release of the combined “CARES/SECURE Acts Interim Amendment” and Wizard. The Wizard will facilitate the generation of the Interim Amendment and SMM (similar to the Hardship Distribution Interim Amendments Wizard). The Interim Amendment adoption deadline is generally the last day of the 2022 plan year (the last day of the 2024 plan year for governmental plans). For plans that utilize provisions related to these Acts before the release of the Interim Amendment, plan sponsors should memorialize their elections in an Operational Checklist or other means.
DGEM E-sign Functionality with Adobe Sign
Sometimes, the hardest part of plan document compliance is getting the plan sponsor’s signature. ASC’s DGEM system has an economical solution recognized and accepted by both the DOL and IRS (per Rev Proc 2017-41): electronic signature! Our completely integrated e-sign feature, using Adobe Sign, makes it quick and easy for employers to sign their plan documents.
- Create the Adoption Agreement (or amendment) for your client’s specifications in DGEM.
- Select which documents need to be signed (e.g., AA, resolutions, amendment, or Participating Employer Adoption Pages).
- Enter the applicable signers’ emails.
- Add a message.
- Click “send to Adobe Sign”.
- Wait for the executed document confirmation email.
- Reminders are sent to signers until the documents are fully executed.
- After the documents are e-signed, DGEM updates the document’s status to a finalized “esigned”.
Setting up e-sign is easy and affordable! If you are interested in adding this functionality, contact sales@asc-net.com today.
Increase your Efficiency with Interactive DB Valuation and Testing System Training
Has your DB team grown due to your successful business practices or consolidation in the marketplace, but you can’t seem to find the time to train your staff? Are you looking for ways to efficiently and cost-effectively train your DB administrators and actuaries on the ASC DB valuation and combined plan testing system? Look no further than the ASC Enrolled Actuaries!
Our ASC DB Valuation and Combined Plan Testing Training program allows you to train remotely yet interactively. The training covers a wide range of topics including how to code plans, importing employee data, running valuations and reports, takeover plans, and combined compliance testing. Your new users will become familiar with our system and your experienced users will gain new tools to help everyone become more efficient. Let us do the work of training your staff so that you can focus on the growth of your business!
Contact sales@asc-net.com to ask about our pricing and scheduling options for our DB Valuation and Combined Plan Testing Training!
Meet Caroline Khachaturian, EA, MSEA, QPA, a Member of the ASC Actuarial Team 
I was born and raised in the Los Angeles area, have lived there all my life, and still do! After graduating from Occidental College, I considered a career in teaching. My dad worked in the insurance industry at the time and suggested that I become an actuary because of my love of math. I started working for an EA doing actuarial consulting shortly after, and have continued to work for TPAs for many years before joining the ASC team in November of 2020.
Before working for ASC, I was an ASC user for over 20 years. I dealt with ASC Support on an ongoing basis. The support team at ASC was very helpful and answered all questions on target. And everyone was so nice and friendly. At a previous employer there was a period of time when their old server kept crashing prior to upgrading. I was in touch with Ken Joseph very often, who was so supportive and knowledgeable. He went way beyond the call of duty.
When I saw a post on LinkedIn regarding an opening for employment with ASC, I jumped at the opportunity. I contacted Valerie Lopez, FSA, EA, MSEA, MAAA, and she encouraged me to go for the job. It was a dream come true to work for ASC and be part of the DB Support Team.
I answer questions pertaining to the DB Valuation System and DC/DB Combo questions. I communicate with clients primarily via email. It is ASC’s priority to assist all clients in a timely fashion. And I know about that because I was an ASC user for years, as I previously mentioned😊.
The DB Team is now offering training packages to new and existing users and I am involved in the training. Additionally, we are always working on enhancements to the system, creating the best possible experience for our clients.
I appreciate how actuarial consulting satisfied my desire to help others along with my love for math. At ASC, I get to use my years of experience in defined benefit administration to assist users get the results they expect in our system.
The team I work with is amazing. Both Valerie and Devin have welcomed me to the actuarial team with open arms. They are always here for me and assist me with any problem solving that I may need.
ASC’s customer service is AMAZING! There is a strong focus on being there for the customer and I enjoy solving their problems – it is similar to putting together a puzzle! I also spend time training new clients and I find that very enjoyable.
Recently, I taught myself how to crochet. It is quite relaxing and I enjoy it. I created a basket for my dog’s toys and some other things. I also like to read, listen to music, and spend time with my dog and my family.
My dog, Lolik. She is my most favorite thing in the world. She is 13 months old and a really good girl. What stands out most about her is her friendliness. When I walk her, she stops to say hi to everyone and won’t leave until she is acknowledged. She is very trusting and loving and just wants to be everyone’s friend. That is something we can all learn from. There is so much uncertainty in the world we live in and unfortunately, we are not so trusting. Seeing Lolik with her friendliness to all and her endearing personality makes everyone smile, including me!
