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February 18, 2009

Catch-all amendment

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Definition

A comprehensive  amendment that covers all past amendments that should have been, but was not made up to period that the catch-all amendment is made .

A plan that failed to complete required regulatory amendments by the established deadline can make a retroactive amendment, which can include all the required amendments that were not completed.

A Plan Document Failure occurs if a plan is not amended to reflect a new qualification requirement within the plan’s applicable remedial amendment period. In addition, if a plan has not been timely or properly amended during an applicable remedial amendment period for adopting good faith or interim amendments with respect to disqualifying provisions, the plan is considered to have a Plan Document Failure.

Referring Cite

N/A

Additional Helpful Information

  • An example of a catch-all amendment is GUST, which included amendment language for :
    • The General Agreements on Tariffs and Trade,
    • The Uniformed Services Employment and Reemployment Rights Act of 1994,
    • The Small Business Job Protection Act of 1996 and
    • The Taxpayer Relief Act of 1997 (TRA-97).
  • In a case in which correction of a Qualification Failure includes correction of a Plan Document Failure by plan amendment, a determination letter application may be required.
  • A Plan Document Failure that is a disqualifying provision for which the remedial amendment period under § 401(b) has not expired can be corrected by operation of the Code through retroactive remedial amendment.

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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