#2
Critical Risk
Failure to Update Your Plan
Plans that did not comply with the restatement deadline could lose their qualified status or face.
- Potential Consequences
- Plan disqualification
- fines
- Loss of tax benefits
- Immediate taxation
- Prevention Tips
- Track all IRS and DOL deadline announcements
- Maintain regular communication with plan attorney
- Schedule annual plan document reviews
- Implement compliance calendar system
- Partner with qualified retirement plan professionals
Need Expert Guidance?
Don’t let this mistake jeopardize your plan. Get professional help from experienced fiduciary advisors.
Plan Documents must be amended with the IRS’s Staggered remedial amendment period.
It’s the plan sponsor’s responsibility to stay up to date on new requirements and comply in a timely manner.
The retirement plan landscape is as complex and challenging as ever. Plan sponsors have a difficult job as their plan’s fiduciary on top of their other responsibilities. Partnering with an experienced and qualified retirement plan professional will help reduce fiduciary liability and avoid costly mistakes.
"The lesson is the importance of never becoming untethered to oversight and accountability."
— James Comey
