Employment Law Report

Extension to Amend and Restate 403(b) Retirement Plans

By Sherry Porter

All 403(b) retirement plans are yet another area impacted by COVID-19. These retirement plans  (sponsored by nonprofits and governmental entities) were required by the Internal Revenue Service (IRS) to completely restate their plans by March 31, 2020 to reflect changes in the law since 2010 in order to receive retroactive relief back to 2010.  While most entities have completed this update, if you have not completed your plan restatement, the deadline has been moved to June 30, 2020 by the IRS. Don’t delay – contact your plan document provider as soon as possible so you do not miss this (now extended) deadline.