33 . [RESERVED] 34. Separate accounts for each employee

Statement of Requirement: Code §§ 402A(b)(2), 402A(e)(1)(B) and 414(i)

Sample Plan Language:

A separate account will be maintained for each employee to which will be credited the employer contributions and earnings thereon. If in addition to employer contributions, the plan accepts pre-tax elective deferrals, Roth elective deferrals, deferrals to pension-linked emergency savings accounts, Roth nonelective contributions, or Roth or pre-tax matching

66 | D e f i n e d C o n t r i b u t i o n P l a n L R M P a c k a g e 0 1 / 2 0 2 4

contributions (and earnings thereon), a separate accounting will be made for each of these other contribution types.

(Note to reviewer: For plan years beginning after December 31, 2023, a defined contribution plan may include pension-linked emergency savings accounts (PLESAs) funded by matched or unmatched elective deferrals, as described in Code § 402A(e). The above sample plan language reflects only that if included, such accounts must be separately accounted for. Sample plan language for PLESAs is not included as this statutory change was not included on the Cumulative List. For guidance, see Notice 2024-22. See also CODA LRM III.)