What is the deadline for an employer to adopt a restated version of an IRS pre-approved plan?

A pre-approved retirement plan is a plan sold to employers by a document provider such as a financial institution or benefits practitioner. The document provider is the “pre-approved plan provider.” The document provider requests IRS approval (“pre-approval”) of a defined contribution or defined benefit plan document as meeting the requirements of Internal Revenue Code Sections 401, 403(a) or 403(b). The pre-approved plan provider then makes the IRS-approved plan available to adopting employers. The IRS also issues opinion letters for prototype IRAs.

  • April 30, 2020, is the deadline to adopt a pre-approved defined benefit plan or cash balance plan restated IRS pre-approved plan.
  • April 30, 2020, is the deadline to adopt a pre-approved 403(b) newly released IRS pre-approved plan. By adopting a 403(b) Plan pre-approved plan, the Plan may be able to meet compliance with IRS document requirements back to 2009. So don’t miss this opportunity to refresh your 403(b) Plan documentation that also serves to keep the Plan in compliance.
  • January 1, 2023, is the next deadline to adopt an IRS pre-approved defined contribution plan, once the restated plan is available and approved by the IRS.

TRA offers our clients flexible IRS pre-approved plans. We are actively working with our 403(b), Defined Benefit and Cash Balance plan sponsors to meet the April deadline. All employers who engage TRA in 2019 will receive the benefit of adopting the most current IRS pre-approved plans as part of our comprehensive installation process. Please contact us with questions.

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