Take Advantage of Cycle 3 Document Restatements


In order to maintain and receive their special tax benefits, a Qualified Retirement Plan must meet requirements put in place by the IRS and these are reviewed by the Internal Revenue Service (IRS) in cycles every six years.  The IRS just opened what is being called the Cycle 3 restatement window and it runs from August 1, 2020 through July 31, 2022.  During this time, all qualified retirement plans drafted on pre-approved documents must be restated.

So, what is a restatement? It is a “re-writing” of the plan document to include any voluntary amendments the plan has adopted since the last restatement plus it incorporates any interim amendments that the IRS required all plans to adopt since their last restatement window. If you use a pre-approved document, this restatement is mandatory and must be completed by July 31, 2022, the last date of the restatement window, or the plan will be subject to steep penalties for non-compliance.

Since your document must be restated anyway, now is the perfect time to discuss your current plan design to make sure it still has the optimal design for your company.  If we are your current TPA, we have been in contact with you about how we are handling the restatement process for your plan.  If you don’t currently have your plan with RMS, why not let us take a look before you complete your restatement?  We are happy to discuss your plan and help you make sure you are getting what you want out of your retirement program and as an added bonus, we will prepare your Cycle 3 restatement as part of our new client onboarding process.

If you have questions or are interested in making sure you are getting the most from your plan design, please reach out to our New Business and Marketing Director, Caitlyn CdeBaca at CCdeBaca@consultRMS.com or call directly at (502) 400-5172.


Caitlyn CdeBaca graduated from Indiana University Southeast in May of 2015 with a Bachelor of Science in Business Management and joined RMS in December, 2015. She earned her Qualified 401(k) Administrator designation from the American Society of Pension Professionals & Actuaries in December, 2017. Caitlyn spent her first 3 years at RMS as a Plan Specialist, focusing on defined contribution plan administration, compliance testing, as well as assisiting in the firm's marketing initiatives. She transitioned to the marketing department full-time in December, 2018 and now focuses her time on new business development and plan design. Caitlyn currently lives in Louisville with her husband and enjoys cheering on the Kentucky Wildcats, cooking, running, and spending time with friends and family. 

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