Important Reminder: Action Required by Year End on Qualified Retirement Plans

December 1, 2009 Advisory

This is a reminder that employers who sponsor qualified retirement plans (for example, defined benefit plans and 401(k) plans) need to amend those plans to comply with required provisions of the Pension Protection Act of 2006 by the end of the plan's 2009 plan year. For plans maintained on a calendar year basis, that means amendments are required to be adopted and signed no later than December 31, 2009. Any employer that has not yet adopted these amendments should take action soon.
Required amendments. The Pension Protection Act of 2006 ("PPA") included certain mandatory provisions applicable to qualified plans. The following list of PPA requirements, while not exhaustive, is intended to provide a general overview of the issues that may need to be addressed in year-end amendments.