- Starting in 2014
- December 17, 2013 | Author: Suzanne Guitar Odom
- Law Firm: Nexsen Pruet, LLC - Columbia Office
During a two-year period that is expected to start sometime in 2014, pre-approved plans, such as prototype plans that use an adoption agreement and volume submitter plans, will need to be amended and restated to reflect the changes made by the Pension Protection Act of 2006 and other recent changes in the law. These updates are needed due to the six-year remedial amendment cycle the IRS established for pre-approved plans.
Consistent with years past, we expect the IRS will issue a notice during the coming months, indicating when this two-year period formally opens. The timing for this hinges on when the IRS starts issuing opinion letters to plan sponsors. That is expected to occur starting in early 2014.
There are several other important reminders and recent developments impacting employee benefits that companies should consider when planning for the New Year.