Washington (July 1, 2003) -- The Internal Revenue Service reminds approximately 750,000 small and mid-size businesses using “off-the-shelf” retirement plan documents that they must update their plans by Sept. 30, 2003. Businesses must formally adopt updates to maintain the tax benefits associated with retirement plans.
The deadline is a result of rules that apply to Master & Prototype (M&P) plans and Volume Submitter plans. These off-the-shelf retirement plans are IRS-approved templates intended to standardize and simplify the complex employee plan area. Employers who provide such plans for their employees are typically small to mid-size businesses, including self-employed persons, such as some doctors and lawyers.
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