Between now and July 2022, your 401(k) plan will be going through a mandatory restatement. The restatement will create a new plan document for you and since you’re being charged for it, you might want to add, some or all of the following features to your plan since the plan document is bei8ng changed. Kill two birds off with one stone. Some of the changes to ponder:
- Automatic-enrollment
- Auto-escalation for salary deferrals
- Roth in-plan conversions
- Traditional after-tax contributions
- Money-source and fund-specific withdrawal flexibility
- In-service withdrawals such as hardship and age 59/12
- Partial distributions as an addition to a lump sum (and installments if the plan allows it).
