All Qualified Plans are required to restate their plan documents every six years to comply with changes
in the laws. The last restatement was known as the PPA Restatement (Pension Protection Act).
Currently, the IRS is providing opinion letters on the document language that have been submitted by
document providers.
The IRS announced that the Cycle 3 restatement period began on August 1, 2020 and ends on July 31,
2022. Kline, Keppel and Koryak’s document has pre-approved status and a favorable determination
letter from the IRS, just like in years past. As with prior restatements, we will convert each document to
the updated Cycle 3 document. All documents will need to be signed by July 31, 2022. Documents that
are on our system do not need to file individually for determination letters with the IRS.
During the next 18 months, we will be completing the restatement of each plan. Plans requesting
amendments during this period will be restated and automatically include any requested amendments.
Additionally, plans that are terminating will need to be restated to ensure that the plan language is in
compliance prior to termination.
About Kline, Keppel & Koryak
Located in Northeast Ohio, Kline, Keppel & Koryak is an independent Third Party Administrator supporting a wide variety of employers throughout the country, many in Western Pennsylvania and Northeast Ohio. We specialize in the Plan Design, Administration, Compliance Testing, and Reconciliation for all types of Defined Contribution Plans including: 401(k) Plans, Safe Harbor Plans, Cross-Tested or New Comparability Plans, Profit Sharing Plans, ESOP Plans, and Money Purchase Plans. We work with any investment platform that offers recordkeeping services in conjunction with an independent TPA. In addition, we provide recordkeeping services for plans not wanting to utilize a Daily Recordkeeping Platform. Our personalized service keeps you, the client, in mind in supporting you with all of your Retirement Plan needs.