Restatement

PLAN RESTATEMENTS

Pre-Approved Defined Contribution Plans

The majority of profit sharing and 401(k) plans are on pre-approved plan documents.  These documents are required to be restated, which is a complete re-writing of the plan document, on a six year cycle as determined by the IRS.

All pre-approved defined contribution plan documents were required to be restated to incorporate the provisions of the Post PPA (Cycle 3).  All plans should have been restated by July 31, 2022 during the IRS restatement window.

There will be an opportunity to amend the plan document to incorporate provisions of the SECURE Act and SECURE 2.0.

Individually Designed Plans

All ESOPs we administer are individually designed plans drafted by an attorney. Some profit sharing and 401(k) plans are also individually designed plans.  Individually designed plans were on a five year restatement cycle but the IRS eliminated that pre-set schedule.  Plan restatements are now coordinated with the ERISA attorney.

Please contact KJ Retirement Consultants, LLC at (763) 497-0866 if you are not sure whether your plan document is an individually designed plan or a pre-approved plan.