IRS has recently announced that employers with pre-approved defined contribution plans (401(k), profit sharing and money purchase) will need to have their plan documents rewritten within the next two years. The deadline to do so is July 31, 2022. IRS goes through this process every six years.
If you utilize the WR pre-approved defined contribution plan, we will be providing you with a draft adoption agreement for you to review. We recommend that we schedule a call to discuss your current plan provisions. We believe this is an excellent opportunity to ensure your plan is meeting your needs and the needs of your employees.
Please contact your Watkins Ross administrator if you have any questions.