Qualified Plan Restatements
Since 1994, Congress has passed several pieces of significant legislation affecting qualified retirement plans. Due to this legislation, plans must be rewritten entirely or "restated," as the government refers to this process. Many of the law changes are advantageous to employers maintaining a retirement plan. However, with the benefit of the law changes comes the burden of having to incorporate the law changes into the employer's retirement plan document. The plan may also need to be redesigned to make certain it continues to comply with the law and to meet your needs. Congress and the Internal Revenue Service (IRS) generally provide a period of time after the effective date of new legislation for an employer to include the exact terms of the legislation in the plan document.