As a Plan Sponsor of a tax-qualified retirement plan, you are always required at all times to operate your plan according to the rules and plan provisions set forth in your plan document. In case you forget what those provisions are, you can always review the Plan Adoption Agreement Guide, which was provided to you during onboarding and is stored in your Plan Sponsor Portal.
Circumstances change and you may want to change some of your plan features, too. To do so, however, federal law requires you to first complete a plan amendment. As mentioned in your Plan Adoption Agreement Guide, there are certain plan features that cannot be changed until the start of the following plan year, other provisions that can be changed mid-year, and some provisions that can only be changed prospectively for new participants.
How can I amend the plan provisions?
If you are interested in amending your plan, the first step is to contact us directly. Plan amendments can take time to prepare and to sign and some require sending advance notice of the change to participants, so be sure to allow for plenty of time on your end to complete the amendment process. Our team will assist you with the next steps.
Important Amendment Request Deadlines
In order to timely process any plan amendment, you must submit your amendment request by certain deadlines.