Egtra updating plan documents

The portfolio is fully web-based software that streamlines time-consuming tasks for the employee benefits professional.

The applications are easy to use and integrated to ensure that data flows effortlessly between the different modules.

Pre-approved plan documents (also referred to as prototype and volume submitter) will be required to be restated every six years.

For employers sponsoring individually designed plans who have a 1 or 6 as the last digit of their EIN, plan amendments and IRS submissions are due by January 31, 2007.

Ongoing legal and regulatory changes in retirement plan rules frequently require plan sponsors to amend and restate their plans to keep their documents compliant with the IRS.

As a result, there are frequent changes in the laws and regulations that require changes to plan documents.

The IRS has now directed 401(k) plans to begin a new restatement cycle that started on May 1, 2014 and ends April 30, 2016.

If you’re an employer who sponsors a 401(k) or profit sharing plan, it’s time to amend and restate your plan.

Qualified retirement plans must operate in accordance with their plan documents.

Local Plans should be tailored to the needs of each area in terms of their strategy and the policies required.

The IRS will now review restated plan documents either every five or six years, depending on the type of plan document (individually designed, pre-approved prototype, or volume submitter).