Employer Bulletin: Your Plan Administration Resource

2021 Plan Document Update – Update Plan Contact Information

We are pleased to announce that the IRS has reviewed our restated model 401 plans and provided a favorable opinion. As such, ICMA-RC is preparing new documents for each of our 401 Money Purchase and 401 Profit Sharing plan sponsors. A client-friendly, paperless adoption process will be introduced early in 2021 and will make the process easier for employers who use our plan documents. To ensure you receive important information related to the adoption of our restated plan documents, we encourage you to confirm the accuracy of the electronic contact information we have for your plan contacts.

Review Your ICMA-RC Plan Contact Information

Please review your plan contacts online by logging into the plan sponsor website, select a plan from the Plans menu at the top of the page, and then click View All Contacts (you may need to scroll down to see this on the right side margin of the page). From there, you can review and update contact information as necessary. Please make sure to review the plan contacts for each plan you have with us. To change plans, use the plan selector located on the top left of the page.

Six-Year IRS Review Schedule

The ICMA-RC model 401 plans follow a six-year review schedule established by the IRS and were submitted for renewed approval in 2018. The new 401 adoption and basic plan documents incorporate amendments for legislative and regulatory changes enacted after the prior restatement of 2012. Note that changes enacted after the submission deadline in 2018, such as the SECURE Act and CARES Act, will be covered by future amendments; they are not included in the new 401 documents.

Watch for future updates on this effort in the coming weeks and months.