Understanding how to keep Plan Documents current
The Plan Document must be maintained (kept current). There are two pieces to this requirement.
- The IRS requires that Plan Documents be periodically "restated" to reflect all of the applicable changes to the Code (as detailed in the IRS's Cumulative List of Changes) since the last restatement date.
- The most recent IRS required restatement date for 401(k) plans is 12-31-09.
- The most recent IRS required restatement date for 403(b) plans is 01-01-09.
- From time to time, "interim amendments" are required by the Code. Interim amendments are designed to keep the plan current with regards to newly passed legislation until such time that the aforementioned complete restatement of the plan is required.
The Envoy Choice platform includes an optional Plan Document Update System feature, which is designed to ensure that your Plan Document is always kept current. If you are not sure if you included this feature in your plan, contact Envoy TPA and Recordkeeping, Inc.