VCP Submission Kit For Pre-approved Plans Missing EGTRRA Deadline

The IRS has issued a Voluntary Correction Program submission kit for those plans that missed the April 30, 2010 deadline for amending to comply with EGTRRA.

Document Excerpt

This kit is designed for plan sponsors who failed to restate their retirement plan documents for EGTRRA by the April 30, 2010 deadline. Retirement plan sponsors who use pre-approved plan documents (i.e., documents that are pre-approved by the IRS and sold to plan sponsors through law firms, banks, brokers, other financial institutions, or plan administrative firms) were generally required to sign new plan documents, amended to reflect the Economic Growth and Tax Relief Reconciliation Act of 2001 (commonly referred to as “EGTRRA”), by April 30, 2010. For some plan sponsors, this deadline may have been extended.*



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