The act of making updates or changes to a plan’s provisions, features and/or benefits. Some amendments are required by law, whereas others are done at the employer’s discretion. For instance, the GUST and EGTRRA amendments are required by law.
Rev. Proc. 2000-20, Notice 2006-44 ,Rev. Proc. 2002-73, 2002-49; Rev. Proc. 2003-72
Additional Helpful Information
Amendments that are required by law must usually be completed within timeframes established under the tax code or other authority. Failure to complete these amendments on a timely basis could result in the plan losing it’s tax-deferred status.