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Need to Know: Defined Benefit Plan Restatement

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The adoption window for the restatement of Defined Benefit Plans, which is primarily based on provisions of the Pension Protection Act (PPA), opened May 22, 2023. The deadline for adopting a restatement is March 31, 2025.

Please keep in mind that this requirement allows retirement plans to keep their tax-favored status, and it is imposed by the IRS/DOL and not your third-party administrator.

Each plan must maintain a document with language that satisfies the law and regulations and operates under the terms of such document.

Failure to restate the document before the deadline can result in disqualification of the plan and/or significant penalties imposed by the IRS/DOL.

In the coming weeks, you will receive correspondence from Robin S. Weingast & Associates, Inc. regarding this requirement.

We appreciate the trust you have placed in us as your TPA, and we look forward to working closely with you to ensure the continued compliance and success of your retirement plans.

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