As the end of 2024 quickly approaches, it is time for sponsors
of tax-qualified plans to review their plan documents and the
applicable annual Internal Revenue Service (IRS) Required
Amendments List (RA List) to ensure their compliance with IRS plan
amendment deadlines and requirements. Fortunately, there are no
required amendments to adopt before the 2024 year-end. However, for
most plan sponsors, it is also the time to formally adopt
discretionary amendments made to the plan during the 2024 plan
year.
2024 Discretionary Amendments
For qualified plans, whether individually designed or utilizing
a preapproved plan document, the deadline to adopt any
discretionary amendments is the last day of the plan year. For
calendar year plans that date is December 31, 2024. Plan sponsors
will want to consult with their counsel and providers to make sure
that their plan document accurately reflects how the plan operated
in 2024 and adopt any necessary or desirable amendments
