• A pre-approved plan is one the IRS has reviewed and approved all of the options that are available.  They issue an opinion letter as evidence of the pre-approved status.  
• When you adopt a pre-approved plan document covered by our Opinion Letter, you are entitled to rely on that approval issued at the “global” level without applying for your own, individual determination letter. This saves you time (typical approval takes 2-3 years) and  money (cost for creating a pre-approved plan is approximately $20,000-$40,000 and up).
• The IRS issued the letters for this round of pre-approved documents on June 30, 2020. You will get a copy of the new Opinion Letter in your restatement documents. After July 31st, 2022 – the old Opinion Letter will no longer be valid.

• Plan documents are drafted based on laws and regulations set forth by Congress, the Treasury Department (IRS), and the Department of Labor.  As those laws and regulations change, documents must be updated to reflect those changes.  
• The deadline for the last mandatory restatement was April 30, 2016, but it was based on documents approved by the IRS in 2014 and only considered legislative/regulatory updates through 2010.  Since then, there have been a number of regulatory and legislative changes impacting retirement plans, including the following:
  • Expansion of the definition of “spouse” to include those of the same gender;
  • Creation of in-plan Roth transfers.

Yes. If you became a Nabers Group client prior to 4/2/2022, you received the last iteration of pre-approved documents. Now that the new documents are ready, you must restate.

Yes. If you became a Nabers Group client prior to 4/2/2022, you received the last iteration of pre-approved documents. Now that the new documents are ready, you must restate.

• If your maintenance fee is delinquent, you will not have access to the mandatory restatement until your account is in good standing.
• This restatement is complimentary if your document maintenance fee is in good standing