Eight states ripped by the recent round of severe storms will get a reprieve from the IRS on 401(k) and other related deadlines.

According to IRS notice 2010-48, the IRS has extended the deadline for restating affected pre-approved defined contribution plans and, if applicable, for submitting determination letters to the IRS to July 30 for Alabama, Connecticut, Massachusetts, Mississippi, New Jersey, Rhode Island, Tennessee and West Virginia declared Presidential Disaster Areas. The section 401(b) remedial amendment period for these retirement plans has also been extended to the same date. The previous deadline was April 30.

An affected plan is eligible for the deadline extension only if the following locations relating to the plan were in the federally declared disaster areas at the time of the disasters:

--principal place of business of the employer that maintains the plan;

--principal place of business of the employer that employs more than 50% of the active participants covered by the plan;

--office of the plan or the plan administrator;

--office of the primary record keeper serving the plan; or

--office of any advisor that had been retained by the plan or the employer at the time of the storms or other severe weather that is directly involved with the adoption of the plan or the submission of a determination letter application to the IRS.

Instant Insights /

IRS Extends 401(k) Deadlines in Storm-Torn States

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