Tax-Qualified Retirement Plans: Amendments and Other Year-End Action Items


The end of the year marks the deadline for many tax and other qualification requirements for qualified retirement and savings plans. It is important that plan sponsors review whether any qualified plan action items must be addressed prior to year-end. This LawFlash describes potential year-end notices and plan amendments that may be required for tax-qualified retirement and savings plans. This list is not exhaustive, but it is intended to serve as a reminder of items that plan sponsors should review and consider before the end of the year.

Plan Amendments

The deadlines to adopt amendments to comply with certain provisions of the Pension Protection Act of 2006 (PPA) relating to benefit restrictions and hybrid plans and the provision of the Worker, Retiree, and Employer Recovery Act of 2008 (WRERA) relating to the waiver of required minimum distributions were extended to the last day of the first plan year beginning on or after January 1, 2011. Thus, calendar year plans must adopt these amendments by December 31, 2011. The deadline for governmental plans to adopt amendments to comply with PPA provisions is also the end of the 2011 plan year for calendar year plans. Collectively bargained or multiemployer plans may have later effective dates and/or amendment dates. If your plan is not a collectively bargained or multiemployer plan, the list below will help you determine if any amendments are required for your plan by the end of the 2011 plan year.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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