Burke Costanza & Cuppy is pleased to announce that the IRS has issued a favorable advisory letter for its volume submitter defined contribution plan document. BCC can now prepare the necessary restatement for your retirement plan. All retirement plans must be restated for changes to the law over the past six years (called the EGTRRA restatement). The deadline for your restatement will depend on your prior plan document. If BCC prepared your retirement plan (or you adopted a prototype or volume submitter plan) and you signed a certification to have the Firm restate your plan, your deadline will be April 30, 2010. If you do not sign a certification or have an individually designed plan, your deadline will depend on the sponsoring employer's EIN according to the following chart:
Last Digit of EIN | Cycle | EGTRRA RAP Ends On |
1,6 | A | January 31, 2007 |
2,7 | B | January 31, 2008 |
3,8 | C | January 31, 2009 |
4,9 | D | January 31, 2010 |
5,0 | E | January 31, 2011 |
Cycle A ended on January 31, 2007. However, Cycle A employers who certified their intent to adopt pre-approved plans prior to January 31, 2007 extended their deadline to April 30, 2010. Similarly, for Cycle B employers, the January 31 2008 deadline was extended for those employers who signed the certification. If you have not signed a certification and your deadline is in the future you simply need to sign the certification before your deadline.
BCC can restate your plan even if another provider prepared your last plan document.
You now need to give us your direction on the timing for the restatement. There is good reason to consider completing the restatement this year since an additional amendment is necessary this year for changes to IRS regulation section 415. If you restate this year, the Firm will include that amendment without additional charge.
If BCC prepared your current plan, you will receive a letter from the Firm explaining these requirements. If you have any questions, or would like to discuss this further, contact Attorney Gregory Lyman or Wendy Evans at Burke Costanza & Cuppy.
