Update Your 401k Plan Documents Today
It’s easy, it only takes 5 – 7 minutes, and we recommend you do it today.
WHY – Every 5-6 years, the IRS requires 401k documents be updated to the latest standards.
WHEN – The deadline is July 31, 2022, but we recommend that you do it today. This is because you could incur taxes and penalties on the value of your 401k if you forget to update your documents before the deadline. Because this is so easy and important, now is the best time to do it.
WHAT – We make it easy on you. Your plan documents are already drafted. You simply need to review your information on the next screen, update any changes (such as a new address) and confirm the changes. Then you will e-sign the new document package. This will take only a few minutes.
Please click the button below to continue to update your documents.
- A pre-approved plan is one the IRS has reviewed and approved all of the options that are available. They issue an opinion letter as evidence of the pre-approved status.
- When you adopt a pre-approved plan document covered by our Opinion Letter, you are entitled to rely on that approval issued at the “global” level without applying for your own, individual determination letter. This saves you time (typical approval takes 2-3 years) and money (cost for creating a pre-approved plan is approximately $20,000-$40,000 and up).
- The IRS issued the letters for this round of pre-approved documents on June 30, 2020. You will get a copy of the new Opinion Letter in your restatement documents. After July 31st, 2022 – the old Opinion Letter will no longer be valid.
- Plan documents are drafted based on laws and regulations set forth by Congress, the Treasury Department (IRS), and the Department of Labor. As those laws and regulations change, documents must be updated to reflect those changes.
- The deadline for the last mandatory restatement was April 30, 2016, but it was based on documents approved by the IRS in 2014 and only considered legislative/regulatory updates through 2010. Since then, there have been a number of regulatory and legislative changes impacting retirement plans, including the following:
- Expansion of the definition of “spouse” to include those of the same gender;
- Creation of in-plan Roth transfers.
- Yes. Even if you just restated your Solo 401k to Nabers Group, you received the last iteration of pre-approved documents. Now that the new documents are ready, you must restate.
- Yes. Even if you just opened a new plan with Nabers Group, you received the previous iteration of pre-approved documents. Now that the new documents are ready, you must restate.
- If your maintenance fee is delinquent, you will not have access to the mandatory restatement until your account is in good standing.
- This restatement is complimentary if your document maintenance fee is in good standing