The IRS requires all 403(b) retirement plans to be periodically updated to reflect changes in law and updated IRS guidance. This Cycle 2 restatement incorporates legislative and regulatory updates from the prior cycle, including provisions under the CARES Act, the SECURE Act, and the SECURE 2.0 Act. Restatements are a required compliance step for all employers that sponsor a 403(b) plan.

The restated plan document must be signed and completed no later than December 31, 2026.

Although the deadline may seem far away, we are beginning preparations now to ensure there is sufficient time for the restatement to be completed. As part of this process, you will be asked to confirm certain plan design elections and execute the restated document once it is finalized.

In the coming weeks and months, you will receive additional communications related to these plan updates. These communications will include instructions on the steps needed to review, manage, and complete the restatement.

In the meantime, if you have any questions or if there have been recent changes to your organization or plan operations that we should be aware of, please contact us.