What years are affected by CRA?
CRA is effective for years beginning after December 31, 1997. Pursuant to Notice 2001-37, 2001-25 I.R.B. 1340, qualified plans must be operated in accordance with CRA for plan and limitation years beginning on or after January 1, 2001. Any amendments to comply with CRA must be made effective no later than the earlier of: 1) the first days of the plan and limitation years after 1997 in which the plan was operated in accordance with CRA, or 2) the first days of the plan and limitation years beginning in 2001. A plan cannot be amended retroactively for CRA for years after 1997 unless the plan was operated in accordance with CRA during those years.
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