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Ask the Experts October 1, 2024
When Is the Next Restatement Deadline for Preapproved 403(b) Plans?
Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations
Reported by PS
Q: Seems like it’s been a while since my preapproved 403(b) plan document has been required to be restated. Is there a restatement deadline coming up?
Kimberly Boberg, Kelly Geloneck, Emily Gerard and David Levine, with Groom Law Group, and Michael A. Webb, senior financial adviser at CAPTRUST, answer:
A: This is a timely question, since the next restatement window is indeed scheduled to arrive shortly. The most recent restatement window concluded June 30, 2020, and the IRS has stated that it expects to issue Cycle 2 opinion letters for preapproved 403(b) plan documents on November 30, 2024.
Based on that date, the next restatement window for preapproved 403(b) plan sponsors to restate their documents is expected to open on January 1, 2025, and conclude on December 31, 2026. Note that these are scheduled dates, and the IRS reserves the right to change them.
NOTE: This feature is to provide general information only, does not constitute legal advice and cannot be used or substituted for legal or tax advice.
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