Law Changes - Keep Up And Amend

1. RESTATEMENT OF PLAN
2. REQUIRED NATIONAL AMENDMENTS

Restatement of Plan:

• we now have a six-year cycle for restating all retirement plans in the United States
• this means that your plan will be required to be restated once every six years
• for example, we restated all of our Defined Contribution plans in 2008 (401k, Profit Sharing, Frozen Money Purchase); we also restated all of our Defined Benefit plans in 2010
• our plans are of the Volume Submitter type, and we are word-for-word amenders; as a result, you get to rely on the Opinion Letter issued by the Department of the Treasury for our Volume Submitter plan document
• we also put together, as part of the restatement process, copies of all required amendments from the last restatement to this restatement, and copies of all of the other amendments you might have had done to take into account changes in your situation, and verify that we have signed copies of all amendments; we then email you a complete set of these documents, together with other transmittal forms, for you to keep in your records
• for many of our plans, we submit for a Favorable Determination Letter from the IRS; for example, in 2012 we will be submitting for FDLs for all of our Defined Benefit plans, and in 2016 we will be submitting for FDLs for all of our 401k, Profit Sharing, and Money Purchase plans

Required national amendments:

• the federal government passes laws on many matters every year; some of these laws affect retirement plans, and when they do, the government lets us know so that we can put together an amendment to your plan which makes these new laws part of your plan – we send it to you, and ask you to sign it, and let participants know about it
• the vast majority of these new laws do not have much of an effect on your retirement plan; however, the law says you have to adopt these amendments to your plan; if the laws do have an effect, generally speaking we implement rules to have these laws become part of your operation long before you need to sign the amendment