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Deadline to Adopt Pre-Approved Defined Benefit Plans

In its recent newsletter to retirement plan sponsors, the IRS reminded employers that use preapproved defined benefit plan documents that they have until April 30, 2012, to sign and date documents that have been updated for EGTRRA, to be eligible for retroactive remedial amendment and reliance. Failure to adopt an updated defined benefit plan by April 30 may cause the plan to lose its qualified status. The April 30 deadline also applies to employers who have individually designed defined benefit plans and have signed Form 8905, Certification of Intent to Adopt a Pre-Approved Plan, before the end of the plans?ÇÖ five-year remedial amendment cycle. A copy of the IRS newsletter can be found here.

The lawyers of our Employee Benefits and Executive Compensation Practice Group are readily able to assist companies on a nationwide basis with implementing sophisticated benefit plans and providing answers to their most challenging compensation issues. Additionally, our lawyers are well aware of the daily employee benefits challenges facing companies of all sizes and are capable of helping in-house lawyers and human resources personnel with the day-to-day advice and guidance necessary to properly administer employee benefits plans.

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February 2012
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