At The Podium

Revise-Review-Restate — A ‘how-to’ guide for retirement plan sponsors

EmployerLINC Webinar
John PapahronisJohn Papahronis
Alison PatelAlison Patel
Jim PrinceJim Prince

To ensure retirement plans comply with an ever-changing array of federal statutes and regulations and maintain their tax qualified status, the Internal Revenue Service has implemented a process for pre-approving plan documents prepared by law firms, brokerage firms, insurance companies, and other service providers on a six-year cycle.

This latest cycle, which incorporates important document and language changes brought about primarily by the Pension Protection Act of 2006, has recently concluded. Beginning in May, employers who sponsor pre-approved plans will receive updated retirement plan documents from their document vendors with instructions to review and adopt them.

The question frequently arises, “So if my plan is pre-approved, what should I be concerned about?” The answer: Plenty. The fact is, the employer is ultimately responsible for its plan, and mistakes in plan documentation can have costly consequences.

During this one-hour complimentary webinar, employee benefits attorneys John Papahronis, Alison Patel and Jim Prince explain how the defined contribution retirement plan restatement cycle and pre-approval process works and what due diligence must be exercised by employer-sponsors before the IRS-imposed deadline.

Specific topics covered include:

  • Key changes mandated by law
  • What a plan sponsor needs to look for in reviewing updated pre-approved plan documents
  • Considerations in comparing a plan’s administrative practice with the provisions of the plan document. Do they match up?
  • Common costly mistakes
  • Key issues in agreements with service providers
  • Deadline for adopting pre-approved plan documents