The Impact of Recent Retirement Plan LegislationKelton Collopy, QKA VP, Third Party Administration ServicesTycorBetween the SECURE and CARES Acts, there has been significant legislation impacting retirement plans in the past 12 months. The provisions of these Acts are so new that most plans are operating under “good faith” compliance, where the features are being honored by the Plan while the Plan Document itself has not yet been formally amended to reflect these changes.While this is a complicated process on its own, it gets even more so when you consider the fact that we are entering the next round of restatements, which will be due by July 31, 2022. This restatement will not include any legislative changes that have occurred since 2017, due to the timeline of the IRS and the review process involving pre-approved plans.This process occurs every six years, so the good news is that we’ve been through this before and are here to help your plan successfully navigate through the process. We’ve been tracking everyone’s decisions on implementing the CARES Act and will offer our consulting services to help implement the SECURE Act provisions. The law requires that both SECURE and CARES Acts be incorporated in the Document by the last day of the plan year that begins in 2022. For calendar year plans, that means December 31, 2022. Even better news for you, the cost of restatement and these subsequent changes are covered by Tycor’s Document Maintenance program, which means there is no added cost to you.If you have questions on the process, please contact your Tycor Account Executive. We will be addressing the process later in 2021.