Back at the end of last year, 403(b) plans had a looming deadline. It was the January 1, 2009 effective date for the new IRS 403(b) regulations. I blogged about that deadline in our series of posts we called 403(b) Crunch Time.
I was joined in that series by our blogging buddy Bob Toth, Of Counsel to the law firm of Giller and Calhoun. Bob, Evan Giller, and Monica Calhoun now have their own blog, The Business of Benefits, which you should check out.
One of the significant requirements added by the new IRS 403(b) regulations was that of a plan document. And now looming on the horizon is another IRS document requirement. This one is much more comprehensive since it covers all ERISA retirement plans.
It’s the requirement that retirement plans need to amended and restated no later than April 30, 2010 to comply with the 2001 tax law, The Economic Growth and Tax Relief and Reconciliation Act. That law “acronymized” to EGTRRA made significant changes to the Internal Revenue Code as it affected retirement plans.
It’s a complicated matter which I’m going to blog about in a series called The EGTRRA Restatement Series. Part 2 on Wednesday will be about the written plan document requirement for a qualified retirement plan. So stay tuned.