One of the requirements of sponsoring a retirement plan is having an IRS approved written plan document. The IRS governs the management of the plan documents. A qualified retirement plan document must be restated (updated for past amendments) at least every 6 years. Most plans are on the same schedule.

If you are audited by the IRS, and you have not filed for a determination letter, you may be required to provide copies of all amendments since the inception of the plan. However, the IRS auditor may only require that you provide the most recent restated document, plus the required interim amendments since the last restatement or determination letter. For a list of interim operational amendments, required amendments by the IRS, see below.

The IRS determination letter request process can take 3-12 months and will require additional payments to the IRS and to your document provider. Typically, your TPA is your document provider. Crest Retirement has an IRS pre-approved Volume Submitter plan.

Volume Submitter vs. Prototype – These two IRS pre-approved plans are virtually the same. However, the IRS allows Volume Submitter plans to have individual allocation groups for cross tested plans.

Partial list of Interim Operational Amendments and Restatements leading up to Pension Protection Act (PPA) Restatement:

TITLE DUE DATE
PPA Restatement April 30, 2016
Small Business Job Protection Act of 2010 Amendment  
Pension Protection Act Amendment  
WRERA Act Amendment  
HEART Act Amendment  
Disaster Relief Acts, including KETRA and Gulf Zone  
Pension Fund Equity Act Amendment  
EGTRRA Restatement April 30, 2010

 

WRERA - Worker, Retiree, Employer Recovery Act

HEART - Heroes Earnings Assistance and Relief Tax

KETRA- Katrina Emergency Tax Relief Act

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