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The New 'Umbrella' Closing Agreement

Qualified plans must be restated every six years to maintain their reliance on the approved status of their plan, and the deadline for this most recent restatement is April 30, 2016. In MarketBeat, Susan Diehl discusses a new option that permits financial institutions and other service providers that offer a plan document to request a closing agreement on behalf of all clients that missed the deadline for adopting a pre-approved plan.