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Small Business Overview

Fidelity Retirement Plan restatement

Every 6 years, Fidelity is required by the IRS to update its preapproved retirement plan documents to include applicable changes to laws and regulations. This page provides instructions to help you properly amend your plan so that it retains its tax-advantaged status.

Have us help you

800-544-5373 800-544-5373

Take these 2 steps to restate your plan

1. Print and retain the following documents:

2. Print, complete, sign, and retain the adoption agreement and the revised basic plan document with your plan records.

Download the adoption agreement(s) that are relevant to you based on the plan(s) you have. If you have a paired Money Purchase/Profit Sharing plan, please print, sign, and retain an adoption agreement for both. If you are also naming a successor Plan Administrator, please ensure you complete a second copy of the adoption agreement(s) relevant to you and send back to Fidelity so that we can update your plan.

The deadline for adopting your restated plan is July 31, 2022. Failure to comply with these requirements will jeopardize your plan and may cause adverse tax consequences for you and any participating employees.

FAQs

Frequently asked questions

What is plan restatement and what do I have to do?

Why have I received this plan restatement information?

Fidelity is required to update our Self-Employed 401(k), Profit Sharing, and Money Purchase documents with the IRS every 6 years in order to keep the plans' tax-qualified status. As the plan administrator, it’s your responsibility to retain the updated plan document, familiarize yourself with the changes outlined in the amended plan document, and administer your plan accordingly.
Do I have to fill out the new adoption agreement?

If your business operated a Fidelity Self-Employed 401(k), Profit Sharing or Money Purchase account between 2015 and 2020 it is very likely that you will need to complete an adoption agreement to update your plan.
I completed my original adoption agreement years ago. What resources can I use to help me fill this one out properly?

The best resource for completing the current adoption agreement is the adoption agreement guide, linked on this page, as well as your previous adoption agreement.
Why is the new adoption agreement I received different from my original?

As part of the current restatement, the adoption agreements for the Profit Sharing and Self-Employed 401(k) plans were combined into one adoption agreement that could be used to open either plan.
What do I do with these forms once I've completed them?

It is important that you keep a copy of your updated adoption agreement in your records. Fidelity suggests keeping a paper or digital copy in your files.

The impact of restating your plan and next steps

Are there significant changes in this amendment that affect my Fidelity retirement plan?

Please refer to the summary of changes document linked on this page for changes that were required to be included for this restatement period.
Am I going to receive additional amendments for the CARES and SECURE Acts?

Any applicable amendments related to the CARES and SECURE Acts will be included in the next plan restatement cycle in approximately 6 years. In the interim you will receive good faith amendments for the preapproved plans for both pieces of legislation. These amendments will be distributed in accordance with the applicable amendment schedule.
If I terminated my plan in 2015, do I still need to fill out the paperwork for this amendment?

If you did not fill out IRS Form 5310 and didn't receive an opinion letter from the IRS when you terminated your plan, you may still need to complete the amendment. Please consult your tax advisor on the appropriate next steps.
Why is the trust agreement separate from the plan document?

During this last restatement filing the IRS required that all sponsors of prototype plans break out the trust agreement into a separate stand-alone document.
Do I have to notify my employees that their plan has been amended?

Plan sponsors are required, as applicable, to update their employees through the Summary Plan Description (SPD) (PDF) when the plan has been amended.

Plan termination forms

Follow these guidelines to help ensure you're terminating your plan in accordance with IRS regulations:

If you are not sure how to proceed, we can help you.

Call us at 800-544-5373, and say "small-business plan administrator" when prompted for the purpose of your call.

Fidelity does not provide legal or tax advice. The information herein is general in nature and should not be considered legal or tax advice. Consult an attorney or tax professional regarding your specific situation.

Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917

728740.4.0

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