What is a PPA?
The name “PPA Restatement” refers to the Pension Protection Act of 2006 and includes finalized regulations and other Acts of Congress.
What is it really?
It’s a new Plan Document updated to comply with current law. The restatement provides one cohesive document containing the required amendments and any optional amendments that you have made.
Can we skip it?
Sorry, no – it’s mandatory. The IRS requires these periodic restatements for your Plan contributions to be tax qualified. Even if your latest document is relatively new, documents done before June 2014 need to be updated to the most recent version approved by the IRS.
Who will be doing this?
Hunter Benefits Consulting Group will create the updated document for you.
Is there a fee for this?
Yes. The specific fee for your plan document will be in your individual Service Agreement.
When is it due?
April 30, 2016. Our processing, however, will start in June 2014 so that there is enough time to get everything updated by the deadline. We will contact you with more information when your restatement is ready to start.
Can I have anything in the document changed?
Yes. Changes can be effective right away or starting with the next year, depending on the type of change and what document you already have. Some changes could affect your fees, but we would let you know beforehand if that applied.
Can a Safe Harbor 401(k) do the PPA restatement before the end of the year?
Yes. Because the IRS has restrictions on Safe Harbor plans making mid-year amendments, the new document will be effective at the beginning of the following year.
What do you need from me?
We have the document information already and we will be contacting you directly with any questions that arise.
How will you be contacting me?
You will be getting information via regular USPS mail, as well as email from your regular Hunter Benefits contact person and the documents manager. You will get an occasional postcard as well.
What is the process?
We will send you an authorization form when it is time to start your plan. When we receive the authorization and payment, we will begin the restatement. If questions or design ideas arise, we will contact you directly. When the documents are complete, you will be able to access them on our Portal.
That’s just our little image to let you know that we’re watching out for you. To let you know that we’ve got your back when it comes to all types of compliance issues.