Important Facts About Restating Your Retirement Plan Document

Important Facts About Restating Your Retirement Plan Document

The Pension Protection Act (PPA) Plan Document Restatement window is now open. The IRS requires that plan sponsors restate their qualified retirement Plan Document approximately every six years. Restating a Plan Document is the process of updating the Document to include all Plan amendments and legislative changes that have occurred since your Plan Document was last prepared. This restatement will be required even if the current document has recently been drafted. The IRS-defined PPA Restatement cycle will run from now through April 30, 2016.

As your Plan Document provider, BPC will restate your Plan Document during this restatement cycle. This is an ideal time to review your Plan to make sure it is helping you and your staff meet your retirement needs. Below is a brief summary of what you can expect.

Plan Document Restatement FAQs

Is there a fee for this service? The good news is there are no additional charges for most of our clients. Restatements are completed at no additional cost for clients who are enrolled in BPC's document warranty service.

Is the process simple? Yes! BPC will restate your plan. If you wish to consider additional options, let us know. 

What actions will I need to take? After we restate your Plan Document you will sign and date the restated Plan Document and retain a copy for your permanent records. We will also provide you with a newly updated Summary Plan Description booklet (SPD) for you to distribute to your staff.

When will this happen? We will update your plan during the IRS-defined restatement window that runs from now through April 30, 2016. 

Contact us if you have any questions regarding this process. We look forward to working with you on this required update.

 

Posted on June 21, 2014 .