Provided by your plan administration partner:
Defined Contribution Plan Restatements Required Soon
Essential: IRS REQUIRES RESTATEMENT OF PLAN DOCUMENTS
- Currently applicable to Profit Sharing, 401(k), Money Purchase and Target Benefit Plans
- Allowed Restatement period is defined as June 1, 2008 to April 30, 2010.
- Staff at Innovative Pension will contact you for a Plan Review prior to restatement
- All amendments made to the Plan between its start date and 2002 (whichever is later) to present will be incorporated into the new document
- New SPDs (Summary Plan Descriptions) will be provided to you for distribution to Plan Participants
- Processing is partially dependent on document availability, plan size and complexity
- New Plan Documents are in a "check-the-box" format that is simple to understand
- The IRS requires that Plans terminating after June 1, 2008 WILL require restatement prior to termination
Elaboration: See a full discussion of the reasons and requirements for restatement
Actions:
- A Plan Design Consultant from Innovative Pension will contact you. This may happen anytime in the next 18 months.
- Be prepared to discuss changes you may want to make in your plan design
- Documents will arrive by mail for Plan Sponsor approval and signature
Cost:
Innovative Pension Fees for IRS Required Document Restatement:
| Single Participant Plans (401(k), PS, MP or combo) | $500 |
| Profit Sharing Plans | $900 |
| 401(k) Plans < 50 participants | $1200 |
| 401(k) Plans > 50 Participants | $1500 |
Review the list of items included in your restatement here
Innovative Pension Fees for Optional Associated Services:
| Plan Design Revisions – Analysis and Consultation | $300 |
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| Employer Requested Design Changes | $100 |
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| Preparation of IRS Determination Letter Submission | |
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$350 |
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$800 |
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$1200 |
| IRS Determination Letter Fees – determination letter is optional, but advisable | $300 to $1000 |
| Fee may be waived if Plan Sponsor meets exemption. | |
| Review fees (Fee line 5b) and exemption requirements here
http://www.irs.gov/pub/irs-pdf/f8717.pdf |
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See the full discussion regarding getting a Determination Letter
Reach Customer Service at 858-748-6500 with questions
Plan Design 858-218-3440
Contact Us
In this Announcement:
Introduction
Requires Restatement of Plan Documents
Action: What to do
Cost
Quick Links...
Innovative Pension
14251 Danielson Street
Poway, CA 92064
For Assistance,
Call Customer Service: 1.800.98PENSION
or email helpdesk