Despite the generous extension of plan amendment deadlines for recent law changes (generally through December 31, 2026) as provided in Notice 2024-2 (“IRC”), plan sponsors have been eager to update their plan documents to reflect various recent law changes—particularly the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE 1.0”) and SECURE 2.0 changes. The thought being that it is helpful when the plan document reflects current law and current operations, as the plan document controls. But there is hesitation when there is guidance still pending on the various legal changes, or there is no indication of what the Internal Revenue Service (“IRS”) will approve. Therefore, it is always welcomed when the IRS updates their “Listing of Required Modifications” (“LRMs”), which is sample language for pre-approved plan provider documents to follow when submitting their documents to the IRS.

In this TAXES – The Tax Magazine article, “Sample IRS Plan Amendment Language (via LRMs) Is Here,” Groom principals Elizabeth Thomas Dold and David Levine summarize updates made by the IRS to their LRMs for defined contribution plans.

To read the article, click here.


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