If a plan sponsor (employer) wants to change any provisions of the plan, a plan amendment is required in order to complete the changes.
In most cases, an amendment must be submitted by the last day of the Plan Year in which the provision(s) is to be effective.
There are some provisions that require the amendment to be submitted prior to the effective date of the provisional change.
The plan sponsor (employer) must execute the amendment and any supporting documentation before the provisional change can be made.
Steps Of An Amendment Request
1. Amendments must be requested in writing to your representative. They will go over the procedure and billing of the request once the request is received.
2. Your CSM will create the task for our compliance team to review and begin drafting the amendment. If any additional review is required from our compliance team, your CSM will reach out to coordinate the next steps.
3. Once the plan amendment is prepared, it will be sent to the plan sponsor via Docusign for review and approval signature.
4. After the signed amendment is returned to us via Docusign, participant notices are prepared and emailed to inform participants of the amendment occurring and all affected documents are updated in the participant portal.