Sec. 107. Additional time to adopt a qualified plan
126 words·~1 min read·
/bill/113/hr/2117/ih/section-107·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Subsection
(a)of section 401 is amended by inserting after paragraph
(37)the following new paragraph: The adoption of a plan by the applicable date shall not cause a plan to fail to meet the requirements of this section for a plan year. For purposes of the preceding sentence, the term applicable date means the due date (including extensions) for filing the Federal income tax return for the employer’s taxable year in which ends the plan year for which the plan is effective. A plan adopted in accordance with this paragraph will be treated as established by the end of the employer’s taxable year for purposes of applying section 404(a). . The amendment made by subsection
(a)shall apply to years beginning after December 31, 2013.