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Is it Time to Restate Your Defined Contribution Plan?

In IRS Announcement 2020-7, the IRS confirmed that the next restatement cycle for defined contribution plans, using a pre-approved format, is a 24-month period that began August 1, 2020. Here are some reasons to consider restating your defined contribution plans using the IRS pre-approved Cycle 3 plan document formats.

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This is published by Findley to provide general information about recent developments and current topics in employee benefits and HR. The information provided is a summary and should not be relied upon in lieu of the full text of a particular law, regulation, notice, opinion, legislative proposal or other pertinent information, and the advice of your legal counsel. Findley does not practice law or accounting, and this publication is not legal or tax advice. Legal issues should be discussed with your legal counsel.