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ARTICLE · 15 MARCH 2021

401(k) Plans Using Pre-approved Plan Documents Must Be Restated By July 31, 2022

Ogletree, Deakins, Nash, Smoak & Stewart
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In Announcement 2020-7, the Internal Revenue Service (IRS) announced employers' deadline by which to adopt new plan documents related to Notice 2017-37.

United StatesEmployment and HR
Carlos Gonzalez
Carlos Gonzalez
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In Announcement 2020-7, the Internal Revenue Service (IRS) announced employers' deadline by which to adopt new plan documents related to Notice 2017-37. The new announcement informs employers that maintain defined contribution plans (e.g., 401(k) plans, profit-sharing plans, and money purchase plans) through the adoption of IRS pre-approved plan documents that they have until July 31, 2022, to adopt the new pre-approved plan documents restated as a result of the changes to the Notice 2017-37 requirements regarding retirement plan qualification, generally known as the 2017 Cumulative List.

Background

Providers of pre-approved defined contribution plan documents, such as banks, insurance companies, law firms, and recordkeepers, had until December 31, 2018, to restate their plan documents for the 2017 Cumulative List changes and to file the documents with the IRS to apply for an opinion letter confirming that, as restated, the documents continued to meet the

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