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IRS extends qualified plan deadlines

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The IRS has announced it is giving employers an extra year to comply with certain requirements in the Pension Protection Act of 2006 (PPA). (IRS Notice 2009-97)

For example, your company will have more time to amend PPA funding limits for a single-employer defined benefit plan, vesting rules for a cash balance plan and diversification requirements for investments in employer securities in a defined contribution plan such as a 401(k).

Previously, the deadline for these plan amendments was the last day of the first plan year beginning on or after Jan. 1, 2009. The new cutoff date is the end of the first plan year beginning on or after Jan. 1, 2010.

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