What is a Plan Document Restatement?
It’s a new Plan Document updated to comply with current legal requirements. The restatement provides one cohesive document containing the required amendments and any optional amendments that you have made to date.
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 created before November 2020 need to be updated to the most recent version approved by the IRS.
So, our document will be all caught up with the law, right?
Well, mostly. After the IRS approved the documents, there was the SECURE Act, the CARES Act, and new regulations for both Acts. Those will be separate amendments
Is there a fee for this?
Not if you are on a Document Maintenance fee schedule. Otherwise, the specific fee for your plan document will be in your individual Service Agreement.
When is it due?
The new document must be signed by July 31, 2022. That date applies regardless of your plan year end. We will contact you with more information when your restatement is ready to start.
When will my restatement start?
We aim to get as much use out of your existing document as possible, so we will work from oldest to newest as much as we can. For example, a document signed in 2014 will be done before one signed in 2019.
How will you be contacting me?
You will be getting information via email from the Documents Team and your regular Hunter Benefits contact person. Please be sure our email domain is white-listed on your server!
Can I make changes to the Plan in the restatement?
Yes. Depending on the complexity of the change there may be an amendment fee, particularly one requiring consulting or research.
Can a Safe Harbor 401(k) do the restatement mid-year?
Yes. There are some restrictions on what Safe Harbor plans can change during the year. If you want to add restrictions in the Plan, the new document would 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.
Please watch our video about Amendments & Restatments below: