 NEWSLETTERS Volume 9, Issue 1 .................... February 2009
ADMINISTRATIVE RETIREMENT
SERVICES, INC. Administrative Retirement Services, Inc. (ARS) is continuing the EGTRRA restatement for its clients. The Internal Revenue Service (IRS) now requires that employers with qualified retirement plans that are on prototype documents restate their retirement plan documents every six years. Individually designed plans must be restated every five years. The IRS first disclosed this in Announcement 2004-71 and Revenue Procedure 2005-16 and finalized the restatement process rules in Revenue Procedure 2005-66. The current restatement window will end on April 30, 2010. Failure to timely restate can result in plan disqualification. To date the IRS has not extended the restatement period. Administrative Retirement Services, Inc. (ARS) is continuing to sponsoring a pre-approved qualified retirement plan document to restate employers’ plans. ARS’s plan document was approved by the IRS on March 31, 2008. ARS is restating client plans in four groups, on an alphabetical basis. The second mailing will go out in March 2009, the third in August 2009 and the fourth in January 2010. Please respond to our mailing as soon as possible. ARS believes this restatement is an opportunity for employers to review their current plan provisions and make changes to enhance their existing retirement plan. The Economic Growth and Tax Relief Reconciliation Act (EGTRRA) was enacted in 2001 and is a large component of the current restatement. EGTRRA included extensive changes to the tax code including changes to income tax rates, estate and gift tax exclusions, and qualified retirement plan rules. If you have
any questions about the EGTRRA restatement process please do not hesitate to
contact Administrative Retirement Services, Inc. © Administrative Retirement Services, Inc. 2009 Published by Administrative Retirement Services, Inc., Copyright 2001 by Administrative Retirement Services, Inc. Reproduction in whole or in part is prohibited except by written permission. All rights are reserved. Information has been obtained by Administrative Retirement Services, Inc. from sources believed to be reliable. However, because of the possibility of human or mechanical error by our sources, Administrative Retirement Services, Inc. or others, Administrative Retirement Services, Inc. does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or the result obtained from the use of such information. Readers should seek specific advice before acting with regard to the subjects mentioned here. |