So if we distribute the new annual funding notice for 2008 timely (by April 30th, since it's a calendar year plan), what do we do if we elect to change the actuarial assumptions for 2008 and re-do the 2008 annual valuation after April 30th? Do we do a revised annual funding notice? Or are we considered "late" since the final information was not included in the April 30th notice? Any ideas?

Anybody have any ideas?

Does this mean that all actuarial valuations for 2008 must be completed and set in stone by April 30th?

Well....your April 30th date is for plans with 100 lives or more. Those plans must use a beginning-of-year valuation date per PPA 06 rules. Thus, it probably isn't unreasonable to think the 1/1/08 valuation (using 2007 census data) should be done by 4/30/09.

Small plans under 100 lives have until the earlier of (a) the actual filing of the 5500 or (b) the extended due date of the 5500.