Are You Ready to Take on Cycle 3 Restatement?
The Cycle 3 qualified retirement plan restatement is now in full swing. On August 1, 2020, defined contribution plan sponsors could begin restating their pre-approved plan documents. The Cycle 3 documents have a new look and feel, which has made this restatement a little more complicated for document sponsors than past restatements. For example, the new Cycle 3 documents have additional attachments. The IRS now requires all document providers of pre-approved plans to include the trust and custodial provisions in a separate agreement. Is your organization ready to make these and the other required changes during the restatement process?
If you’re not prepared to complete the expanded Cycle 3 documents for your adopting employers, Ascensus can help. Although the Cycle 3 documents have changed significantly, Ascensus has found a way make the plan documents much easier for you and your clients to use. Ascensus’ Cycle 3 adoption agreements now offer “collapsible” documents. This allows the final plan document to reflect in its adoption agreement only the provisions that the employer elected. Provisions that are not being implemented are excluded.
Let Ascensus Do the Work for You
As a full-service document provider, Ascensus can provide a tailored solution for your situation. We offer recordkeeping, document sponsorship, document copyrights, and document customizations. Through our Employer Direct Document Service, our Plan Adoption System (PAS)TM software, and restatement mailing services, Ascensus can help you complete your plan document restatement and new business documents.
When you use the Employer Direct Document Service, Ascensus will take over your block of plans as the pre-approved document sponsor. As such, Ascensus will take care of the amendment, restatement, and plan establishment process for all of your current and future employer plan clients. You’ll still hold the assets and direct their transactional activity. Ascensus’ Employer Direct Document Service is an affordable, total document solution that will relieve the burden associated with document sponsorship—particularly during the Cycle 3 restatement.
Ascensus’ PAS software provides you with the confidence and flexibility to create custom Cycle 3 documents for your plans. As described above, this software allows you to create a customized adoption agreement that removes any provisions not needed for your adopting employer plans and only includes the provisions your employer plans currently operate under. It also provides the easiest solution for establishing a new plan or amending an existing plan, as everything you need to create new documents is at your fingertips.
Ascensus also offers restatement mailing services that are an affordable, effortless way to complete the restatement process for your plans. We can customize a delivery solution to fit your needs—whether it’s help with printing larger documents (e.g., the basic plan document or adoption agreements) or help with creating and delivering the complete restatement kits to your adopting employers.
Don’t Wait Any Longer
If you’re looking for help with the Cycle 3 restatement, then perhaps it’s time to give us a call. Contact the Ascensus sales team at 800-345-6363 or customersupport@ascensus.com to see if Ascensus’ Employer Direct Document Service, PAS, or restatement mailing services can help.
Plan Adoption System™ is a trademark of Ascensus, LLC.
