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Every six years, the IRS requires that plan sponsors using a pre-approved document must amend that document and have it restated. This process ensures that sponsors are using a plan document that has been updated to reflect recently enacted legislative and regulatory changes. The current amendment and restatement period for defined contribution plans (known as "DC Cycle 3") incorporates any changes prior to February 1, 2017. Most importantly, the deadline for compliance is July 31, 2022. Failure to properly amend documents by this deadline can lead to plan disqualification resulting in an immediate income tax liability.
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