Employee Benefits-IRS Extends Deadline For Restating Pre-Approved Defined Contribution Plans In A Federal Disaster Area

In Notice 2010-48, the Internal Revenue Service (the “IRS”) extends to July 30, 2010, the April 30, 2010 deadline for restating (and if applicable for submitting to the IRS a determination letter request for) a pre-approved defined contribution plan with a tie to a federal disaster area identified in the Notice. In the case of an employer, the restatement consists of adopting a new adoption agreement for the plan.

The disasters in question are the storms and flooding, which occurred in March through May of this year, in the states of New Jersey, Connecticut, Tennessee, Alabama, Mississippi, Massachusetts, Rhode Island and West VIrginia. A plan will have a tie to a federal disaster area if one of the following was located in the disaster area at the time of the disaster: the employer’s principal place of business, or the office of the plan administrator, the primary recordkeeper, or any other advisor involved in the restatement of the plan.