Plan Document Preparation and Maintenance


Plan Document Preparation and Maintenance

The plan document is the cornerstone by which a retirement plan is governed, and is used as a guide in running day-to-day activities of the plan. Detailed oversight is crucial to avoid compliance issues, potentially hefty fines and keep a plan in qualified status.

FuturePlan supports every aspect of the plan document, including ongoing document amendments and adherence with applicable laws, ensuring the long-term integrity of the plan. We have special consulting services to help craft the proper type of plan document, and we work through plan document development hand-in-hand with sponsors. Our ERISA experts and attorneys are available on-call, and we can partner with advisors to make the entire process seamless and easy.

What‘s included in a plan document?

Plan documents capture critically important information that protect employee investments and protect sponsors from costly violations. The plan document defines scope and capacity of the plan, and can contain details including:

  • Name of the plan administrator
  • Designation of any named fiduciaries
  • A description of the benefits provided
  • Eligibility requirements
  • The effective date of participation
  • The definition of compensation
  • Temporary employees
  • Vesting
  • Participant loans and hardships
  • Required minimum distributions
  • Forfeitures