More retirement-related regulatory news for plan sponsors, including links to detailed information.
Deadline to adopt restated preapproved DC plans
The Internal Revenue Service (IRS) has published deadlines for employers to adopt preapproved defined contribution (DC) retirement plans.
• April 30, 2016, is the deadline for employers using preapproved retirement plan documents to sign an updated version of their 401(k), profit-sharing, or other defined contribution retirement plans.
• April 30, 2017, is the extended deadline for any defined contribution preapproved plan adopted on or after January 1, 2016, other than a plan that is adopted as a modification and restatement of a defined contribution preapproved plan that had been maintained by the employer prior to January 1, 2016. This extension is to facilitate a plan sponsor’s ability to convert an existing individually designed plan into a current defined contribution preapproved plan. See Notice 2016-3.
For more information, click here.