A restatement process isn’t required by the Internal Revenue Service so that ERISA attorney can bill for drafting new plan documents. It’s required so that a retirement plan has a document that is current with the law.
As we start a new process, it’s a great time for a plan sponsor to review terms of the plan to make sure it’s still applicable to the employer. Perhaps eligibility needs to be changed, perhaps Roth 401(k) should be added. It’s a perfect to see what provisions of the plan still work and what needs changed.