Art Marrapese, Employee Benefits Practice Area chair, was featured in the PLANSPONSOR article “Plan Document Restatements Essential to Retirement Plan Compliance” about the purpose of document restatements and what the consequences are for missing the deadline. In the article, Art explains what two key rules are for retirement plans.
Art also discusses the benefits of having preapproved plan documents. “When the IRS approves a retirement plan document template,” Art explained, “it issues an opinion letter that states the plan’s template language is ‘qualified’ provided the adoption agreement is correctly completed.”
The article also explains what restatement cycles are, what the current cycle is, and the importance of keeping key dates in mind when considering plan terminations and restatements. Art encouraged plan sponsors to begin the restatement process as early as possible to “ensure that there will be sufficient time to complete a signature-ready document that accurately incorporates the plan’s design, accommodates the plan’s governance structure, and incorporates best practices that are designed to mitigate fiduciary litigation and liability risks.”
Click here to read the full article.