Plan Document Restatements Are Here

(Retirement Planning Solutions, By Nathan O. Carlson; October 2015)

All plan documents MUST be periodically rewritten to reflect changes in ERISA law. The timetable varies based upon the type of plan document. Usually they must be rewritten once every six years. Most common plan documents must be rewritten by 4/30/2016.

  1. Deadline does not include: Governmental, Church, ESOPs, 403(b), and individually designed retirement plans.
  2. Does include: Master & Prototype, and volume submitter plan documents.
  3. It is a good time to make sure all historical documents are in place and properly signed and dated. If not, submit to Voluntary Correction Program. If audited by the IRS or DOL and the error is found, the fine is considerable.

For questions, call BiggsKofford at 719-579-9090 or visit RPS here.