An increasing number of qualified plan sponsors use IRS-preapproved (i.e., “prototype” or “volume submitter”) plan documents provided by a third-party service provider (such as the plan’s investment provider or recordkeeper). All employers who have adopted a pre-approved plan with a 2008 IRS opinion letter must restate their plans by adopting an updated (2014) version of the document by no later than April 30, 2016. As pre-approved plans become increasingly complex (with literally hundreds of plan design options to choose from), it is increasingly easy to make mistakes when restating them, even if the terms of the plan have not changed. The restatement process is also a good time to reconsider your plan design or add new features (such as automatic enrollment or a Roth conversion option).
In this one-hour webinar, we will review the various types of pre-approved documents, how they have changed since 2008, the extent to which a plan sponsor may rely on the “pre-approved” status of the documents, when it may be appropriate to submit a plan for an individual determination letter, and a host of tips and pointers regarding the restatement process.
This webinar is pre-approved for 1 HRCI general credit.