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Client Alert - Fall 2003

Retirement plan update deadline is September 30
by: Christopher Giles, CPA

The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) requires sponsors of qualified retirement plans to amend their plan documents and formally adopt the updated plans by September 30, 2003.

Many small and medium-size businesses utilize off-the-shelf plans, which are IRS-approved templates intended to standardize and simplify the complex retirement plan regulations. Two types of off-the-shelf plans are master and prototype plans (M&P) and volume submitter plans. M&P plans are obtained from banks, brokerage firms, insurance companies, law firms or retirement plan consultants. Although M&P plans and volume submitter plans have probably been amended and restated, employers must formally adopt the updated plans by September 30, 2003.

The procedure to formally adopt the updated plan is to complete an adoption agreement and submit it to the provider of the M&P plan or volume submitter plan. In return, you should receive an updated plan document, summary plan description, amendment resolution and new IRS determination letter.


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