403(b) Plan Amendment Deadline Extended

Plan sponsors had until March 31, 2020, to amend or restate their 403(b) retirement plans to correct any plan defects retroactive to January 1, 2010. The Internal Revenue Service extended this special correction period, called a "remedial amendment period," to plan sponsors in recognition that many written 403(b) plan documents had defects in written form and/or had not been timely amended for legally required changes in the law since 2010. 

The IRS issued informal guidance on March 27, 2020, that extends the deadline for amending or restating 403(b) plan documents to June 30, 2020. This is welcome guidance for plan sponsors facing unexpected challenges in finalizing their plan amendments or restatements given remote working arrangements and office closures, including in securing timely board approval and authorized signatures with respect to such restatements. 

For more information on these issues or any other issues related to your retirement plans, please contact Audra Ferguson-Allen, Robert L. Gauss, Raven Merlau, Shalina Schaefer, Tara Schulstad Sciscoe, Chris Sears, or the Ice Miller Employee Benefits attorney with whom you most closely work.

This publication is intended for general information purposes only and does not and is not intended to constitute legal advice. The reader should consult with legal counsel to determine how laws or decisions discussed herein apply to the reader’s specific circumstances.