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On December 13, the IRS issued the first “Required Amendments List” for qualified retirement plans since the discontinuance of the five-year remedial amendment cycle system. December 13, 2018 will be the end of the remedial amendment period and the amendment deadline for disqualifying provisions listed in this Required Amendments List published in IRS Notice 2016-80 (2016 Required Amendments List for Qualified Retirement Plans). This Required Amendments List does not cover governmental plans.

The Required Amendments List is divided into two parts:

Part A

  • Generally, changes that would require an amendment to most plans or to most plans of the type affected by the change are included.
  • Specifically, there are no items that require an amendment for this remedial period.

Part B

  • Generally, changes that the Treasury Department and IRS do not anticipate will require amendments in most plans (e.g., plan provisions that are properly incorporated by reference to an Internal Revenue Code (IRC) provision that has been amended) are included.
  • Specifically, one item for collectively bargained defined benefit plans could potentially require an amendment. If applicable, plan sponsors will need to address IRC section 436 restrictions on accelerated distributions from underfunded single employer plans due to an employer’s bankruptcy.

Other items addressed in the Required Amendments List include the following:

  • Certain periodic changes (i.e., changes to dollar limits adjusted for the cost of living) are treated as included on the Required Amendments List even if not specifically listed.
  • Potentially affected individually designed plans will need to be evaluated to determine if a qualification requirement change will require an amendment.