Over the past several years,
retirement plans have been impacted by significant legislative activity,
including the Setting Every Community Up for Retirement Enhancement (SECURE)
Act, the Bipartisan American Miner’s (BAM) Act, and the Coronavirus Aid, Relief
and Economic Security (CARES) Act. As a plan sponsor, you must use an interim
amendment to incorporate and adopt these changes into your plan document.
Plan-specific guidance
Plan sponsors who use Ascensus’ preapproved plan document will receive a plan document amendment kit that provides the documents required for this interim amendment.
- Plan sponsors who are operating their plan according to the established document defaults will not be required to sign the basic plan document (BPD) amendment. We will provide the BPD amendment, a summary of material modifications (SMM), and communication materials explaining the provisions.
- Plan sponsors who are not operating their plan according to the document defaults will need to sign an adoption agreement amendment. In addition to the BPD amendment, we will provide these plan sponsors with the adoption agreement amendment, SMM, and communication materials explaining the provisions.
Please watch for your amendment
kit to ensure that you meet the deadline for amending your plan document and
for delivering the SMM to your plan participants. If you have not received a
communication regarding your amendment kit, reach out to your Client Service Team.
