If you are a sponsor of a 401(k) or profit sharing plan, it is likely that your plan documents are in the “pre-approved” category. Such plans are subject to six-year restatement cycles. The next restatement cycle, referred to as the Cycle 3 Restatement period, will open later this year.
A restatement is a complete re-writing of your plan document to incorporate changes in laws and regulations that have occurred since the end of the prior cycle. Your restatement will include a new plan document and a new Summary Plan Description for your participants.
If Pension Plan Services, Inc. is responsible for the maintenance of your pre-approved 401(k) or profit sharing plan document, you will receive a more detailed communication from us when the restatement window opens.
Generally, the cost for a required plan document restatement may be paid by the plan or the plan sponsor. If you have additional questions about the process or associated costs, please contact us.