Category Archives: Plan Amendments

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

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

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

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

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

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

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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