Provided by your plan administration partner:
Defined Benefit Plan Restatements Required
Essential-IRS REQUIRES RESTATEMENT OF PLAN DOCUMENTS
- Currently applicable to all Defined Benefit Plans
- Allowed Restatement period is defined as June 10, 2010 to April 30, 2012.
- All amendments made to the Plan between 2002 (or plan adoption date if later) and current day will be incorporated into the new document
- New Summary Plan Descriptions (SPD) will be provided to you for distribution to Plan Participants
- Processing time and delivery is partially dependent on document availability, plan size and complexity
The IRS requires that Plans terminating after June 10, 2010 WILL require restatement prior to termination of the Plan.
ACTION:
Please be advised that you may need to increase your Plan's Normal Retirement Age (NRA). The IRS has defined age 62 as the minimum Safe Harbor NRA. If your plan is called for examination, you may be required to justify the use of a NRA less than 62. The IRS may not accept the use of such an age. You should be aware that increasing your NRA may result in smaller deductible contributions to your plan. We strongly encourage you to consider the use of age 62 as your NRA. Please contact us if you wish to make this change.
If you have any questions or would like to request an optional determination letter application be prepared, please contact our office for assistance. Otherwise, we will prepare the restatement between now and April 30, 2012 and will mail to you for signature.
Fees: (Billed on delivery of restated Document – may be paid in installments or paid out of plan assets)
| $500 | |
| $900 | |
| $1200 | |
| TBD |
Innovative Pension Fees for IRS Required Document Restatement:
| $350 | |
| $1200 | |
| $300 |
Contact Us
In this Announcement:
Essential-Required DB Plan Restatements
Quick Links...
Innovative Pension
14251 Danielson Street
Poway, CA 92064
Questions:
Call Customer Service:
858-748-6500