Follow the steps below to prepare, customize, and save a discretionary plan amendment using the Amendment template. The Amendment template will include the following documents:
- Consent: If required by the employer, this section provides a consent form for necessary approvals of changes made to the retirement plan.
- Amendment: This section details the specific plan changes being made to the plan document.
- Summary of Material Modifications (SMM): This section summarizes the changes for participant communication.
1. Make updates to the Plan Checklist on the Edit Plan page.
2. Run edit checks to ensure your changes meet all requirements.
3. Click on the Plan Documents button to access the print Plan Documents page.
4. Select Word as your document format under the Plan Document Menu to allow for editing and customization.
5. Click on the "Amendment" link to generate your discretionary plan amendment.
6. Customize the Consent, Amendment, and SMM sections to meet the specific needs of your plan and organization.
NOTE: For pre-approved documents, we generally recommend copying and pasting the language from an existing adoption agreement or plan document into the amendment template to help ensure you do not modify the pre-approved language.
7. Review the completed amendment document for accuracy. Save the file to your computer/network for distribution according to your organization’s procedures.
Sample Amendments
If needed, we offer certain sample amendments, such as those for plan termination or to add or remove optional features. Depending on the plan's provisions, some available sample templates are:
- Short Plan Year Amendment
- Cease Safe Harbor Amendment
- Safe Harbor Non-elective Amendment under SECURE
- For details on this amendment see our Safe Harbor Non-Elective Amendment Q&A document.
- Termination Kit
The ftwPro Amend add-on feature streamlines the process of employer discretionary plan amendments by allowing you to track changes seamlessly. As you make updates to your Plan Checklist, the tool automatically generates a Consent, Amendment, and SMM. This ensures that every discretionary plan amendment is tailored specifically to the edits you have made, saving you time and reducing the risk of errors.
Note: The Answers Only format will generate the Amendment as if it were a full format so that all changes made in the checklist are displayed, including blank or inactive options. The ID format will only generate a Consent, and SMM.
Follow the steps below in using the ftwPro Amend feature.
1. Make updates to the Plan Checklist on the Edit Plan page.
2. Run edit checks to ensure your changes meet all requirements.
3. Click on the Plan Documents button to access the print Plan Documents page.
4. Choose the document format under the Plan Document Menu.
5. Click on the ftwPro Amend button under the Plan Documents Menu.
6. On the next page, you will see a list of changes that have been made to the plan over time. The software will automatically select the last date/time change, but you can select more than one date/time change if needed.
7. Enter the effective date of the amendment.
8. Click on the Generate Amendment button. If you subscribe to the Portal, you can publish the amendment to the Portal by clicking on the Publish to Portal button. In addition, you can download your changes as a CSV file.
NOTE: If you do not currently subscribe to ftwPro Amend, and would like more information, please contact your sales consultant for how to add ftwPro Amend to your account. Click the link below to locate your sales consultant.
Find your ftwilliam.com sales consultant
IRS Required Amendments - are updates mandated by the IRS to ensure compliance with current regulations. Our pre-approved documents will include a tack-on amendment, while any new documents generated after the release of an IRS required amendment in the software will contain an Addendum reflecting these changes.
For details on preparing an IRS required amendment, please refer to the specific amendment announcement email sent to you. The email contains essential details, including deadlines, required actions, and links to FAQs.
All communications are stored within the software. To locate archived emails:
1. Log in to your account.
2. From the Home page, click the "View All" link under Updates. The next page will display all emails and updates sent to customers.
3. To narrow your search, you can type in key words (e.g. SECURE 2.0) in field above Subject.
4. Press enter on keyboard. The list will update to show only related communications.
NOTE: To open links within the communication, right-click on the link. From the menu, select whether you want to open the file in a new tab, a new window, or download it, depending your browser settings.
Our Post Year-End Compliance Amendment provides support with certain nondiscrimination testing corrections that can be made retroactively. This includes addressing failures under IRC Section § 1.401(a)(4) or § 410(b) by utilizing the corrective amendment provisions outlined in Treasury Regulation § 1.401(a)(4)-11(g). Through this process, we help ensure that your plan sponsor’s plan remains compliant by allowing for corrective actions after the close of the plan year.
For details on using our Post Year-End Compliance Amendment, please refer to our FAQ (link below).
POST YEAR-END COMPLIANCE AMENDMENT FAQ
