Can an employer update or start a POP document after the first of the year if their benefit plans renew January 1?
You can restate a POP plan at anytime. So if your client needs an updated document to replace the old document, you can use the "Restatement" option under the Plan Information page of the wizard. Be sure to include the original effective date of the old POP plan so the system can provide that info within the new document. This will bridge the gap between the two documents. If the employer does not have a POP plan currently, you can start a plan for them in the middle of the benefit plan year. Just select the "New" option on the Plan Information page of the wizard. By rule, you cannot back date a POP plan. Start the plan the first of a month past the month you are in. For instance, if it is currently June, start the plan on July 1st and end it on 12/31. Check the "Short Plan Year" box to let the system know that the first year is a short plan year and it will notate this in the document and show the next plan year to be from 1/1 to 12/31.Find another question