The end of 2012 is coming up fast and sponsors of single-employer retirement plans must make sure they are in compliance with all new statutory and regulatory requirements.
Milliman issued a client brief looking at what needs to be done by the end of the year, including reviewing plan documents and amendments, like the benefit restriction provisions included in the 2006 Pension Protection Act.
"Plan sponsors generally adopted PPA amendments in 2009, but may or may not have adopted the benefit restriction provisions because the IRS provided for a delay," the bulletin stated. Milliman recommends that sponsors who have included the benefit restriction provisions in their PPA amendments may want to adopt the IRS model language as a safe harbor. "In the long run, adoption of the IRS model language may save sponsors time, effort and expense in the event of an audit or during the determination letter process," the report said.
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