Category Archives: Plan Amendments

IRS offers guidance to employers sponsoring pre-approved DC plans that missed EGTRRA plan document deadlines

Posted on September 4, 2010 by 401kBasics

The IRS has provided advice for adopting employers of Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) pre-approved defined contribution (DC) plans that did not either adopt an approved EGTRRA restated plan document or submit a determination letter … Continue reading →

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The Fix Is In: Common Plan Mistakes – Top-Heavy Errors in Defined Contribution Plans

Posted on September 17, 2009 by 401kBasics

The Issue Many of you have a 401(k) plan or some other form of defined contribution plan that needs to meet what are called “top-heavy plan rules.” These rules are found in section 416 of the Internal Revenue Code. The … Continue reading →

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Timing of Amendments to 401(k) Plans

Posted on August 22, 2009 by 401kBasics

We often receive questions whether a certain plan feature can be added or removed from a plan at any time during the plan year. This article will provide general guidance as to the timing rule for plan amendments and review … Continue reading →

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Correcting Common Qualified Plan Errors

Posted on August 19, 2009 by 401kBasics

Even with the best of intentions and careful administration, plan errors can and will occur. Some errors are minor and may be self-correctable. Other errors may require that your client complete one of the voluntary correction programs offered by the … Continue reading →

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Mandatory Document Restatement

Posted on August 18, 2009 by 401kBasics

Every five to ten years, the Internal Revenue Service (IRS) requires retirement plan sponsors to completely re-write their plan document to reflect regulatory and legislative changes. This is referred to as restating the plan. If you had a plan in … Continue reading →

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IRS Allows Safe Harbor Plans to Suspend Nonelective Contributions

Posted on August 13, 2009 by 401kBasics

Summary – The IRS published a proposed rule to allow 401(k) plan sponsors experiencing a ‘substantial business hardship” to reduce, suspend, or eliminate “safe harbor” non elective contributions during a plan year under rules similar to those already in place … Continue reading →

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