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Two for One - Don't Miss the Chance!

Two for One – Don’t Miss the Chance!

Cycle 3 restatement is upon us. You may have recently seen information regarding this restatement as it is required for most defined contribution plans. Every six years or so the IRS requires defined contribution plans to restate their plan document, ensuring IRS pre-approved documents include the most relevant legislative updates and provisions.

This round of updates includes changes to the definition of a spouse, allows for the creation of in-plan Roth transfers, allows the ability to amend Safe Harbor plans once the plan year has started, and more. As this restatement is mandatory, now is a great time to review other areas of a plan and incorporate any updates in the newly restated document.

We have had many clients, both new and long standing, that have inquired about changing plan provisions to create a more robust benefits package to attract employees during a competitive hiring market. As plan values continue to appreciate as a result of market conditions, this is an opportune time to review plan pricing to ensure plan fees are reasonable and in line with what service providers are currently offering. Due of the necessity of the current cycle of restatements, it is an excellent time to improve plans in multiple facets with a single effort.

Please let us know how we can partner with you during this restatement process or any other retirement plan needs.