Must plan documents be amended to reflect the new CARES Act retirement plan rules?

Posted by Bonita Hatchett-Bodle

Apr 9, 2020 4:55:35 PM

The CARES Act provides for the immediate adoption of the retirement plan provisions, even if the plan does not currently allow for in-service distributions or loans. However, plans must be amended on or before the last day of the first plan year beginning on or after January 1, 2022 (January 1, 2024 for governmental plans), or later, if prescribed by the Treasury Secretary.

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Topics: plan amendments