IRS Pre Approved Plan Document Restatement

As we have previously communicated, Plan Sponsors have the option of restating their existing 403(b) Plan Documents onto an IRS Pre-Approved Plan. PlanConnect is pleased to offer assistance in restating your existing specimen 403(b) Plan Document onto AXA Equitable�s IRS approved 403(b) Plan Document and Adoption Agreement, which is up-to-date for all changes required by the IRS.

AXA Equitable recently updated their 457(b) specimen Plan Document and Adoption Agreement to comply with IRS required changes. PlanConnect is pleased to offer assistance in restating your existing 457(b) Plan onto the updated version, assuming your Plan is not already stated on this version.

WHAT DOES THIS MEAN TO YOU?

For you to rely upon the IRS approval letter for the AXA Equitable 403(b) Plan Document, you are required to restate your existing 403(b) Plan and sign a new Adoption Agreement by March 31, 2020.

PlanConnect recommends that you restate your 457(b) Plan onto the updated 457(b) specimen Plan Document and Adoption Agreement during this same time period, as applicable.

To assist you, PlanConnect will be preparing the new Adoption Agreement(s) using the existing optional features under your current Plan(s). There may be some new optional features under the updated Adoption Agreement(s) that are not available within your current Plan(s).

PlanConnect will begin working one-on-one with each Plan Sponsor to ensure their Plan(s) and Adoption Agreement(s) are fully restated by the IRS deadline. All restatements will take some time, but PlanConnect will begin effective immediately and will be contacting you over the next several months.

HOW OFTEN DO RESTATEMENTS OCCUR?

Approximately every six years AXA will update the Plan Document and Adoption Agreement to comply with enacted federal legislation, a process known as plan restatement. When the next restatement period occurs, as required by the IRS, you will be notified.

If you have any questions, please do not hesitate to contact your Relationship Manager.




 

PlanConnect, LLC is a wholly owned subsidiary of AXA Distribution Holding Corporation, an indirect subsidiary of AXA Financial, Inc. PlanConnect® Connect2Remit®, Connect2Comply®, Connect2Maintain®, and Connect2Achieve® are registered service marks of AXA Distribution Holding Corporation. PlanConnect may not be available in all states. AXA Financial, Inc. and its family of companies do not provide tax advice. Please consult with your tax advisor regarding your particular circumstances. Each company is affiliated. AXA Distribution Holding Corporation and AXA Financial, Inc. are located at 1345 Avenue of the Americas, New York, NY 10105, (212) 544-1234.

PlanConnect, LLC is located at 100 Madison Street, Syracuse, NY 13202, (800) 923-6669.

This message is not intended to convey legal or tax advice, nor can it be used to avoid the payment of income taxes or penalties assessed by any US tax authority.