The end of the year is rapidly approaching! To avoid costly penalties that can arise from inadvertent errors in the year-end rush, plan sponsors should begin talking with their service providers now about what must be done by year-end. Our last installment looked at participant notices that may need to be provided by year-end. Now, we’ll turn our attention to retirement plan amendments.

Retirement Plan Amendments

The end of each plan year also brings required plan amendments. Below are a few amendments that may need to be made to your plan:

Failure to adopt amendments timely can result in costly qualification issues, operational errors, and IRS penalties. All plan amendments should be carefully reviewed to ensure they match the plan sponsor’s intent and the requirements of the law. Be sure to review all amendments carefully and address any concerns or questions with your benefits counsel.

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