When is cycle 3 due?
The original deadline for Cycle 3 was on July 31, 2022. If you have not yet signed, you can still do so until December 31, 2025. However, you should complete the plan revision process as soon as possible. Otherwise, your plan may be at risk of the following: We will not be able to self-correct certain plan errors (like compliance limits)
What happens if I miss a cycle 3 restatement deadline?
The latest IRS deadline for Cycle 3 restatement was July 31, 2022. If you missed the deadline, you (or your plan trustee) must still review and sign these documents as soon as possible. Does Cycle 3 affect my plan? Your plan documents will be separated into two (an adoption agreement and a basic plan document) to make it easier for you to review.
What is a cycle 3 401(k) restatement?
The Cycle 3 restatement is an IRS requirement for all 401 (k) plans in order to remain compliant and continue maintaining a pre-approved plan document. At Guideline, this restatement process affects all 401 (k) plans that signed plan documents on or before early January 2022. The plan trustee must review and sign the updated plan documents.
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