Plan Provisions that Should Come with a Surgeon General’s Warning

By Robert Richter, Richard Hochman • October 09, 2014 • 0 Comments
Pre-approved plans (that is, prototype and volume submitter plans) have become the primary documents used by practitioners for the establishment of qualified retirement plans. The IRS encourages the use of pre-approved plans and has therefore increased the flexibility of these plans; plan document providers have utilized this flexibility in order to meet the diverse needs of the marketplace. 

Flexible plan documents are useful, but they come with a cost. Added flexibility means complex plan documents, thereby making it easier to design plans that create administrative difficulties. Our session at the ASPPA Annual Conference, “Plan Provisions that Should Come with a Surgeon General’s Warning,” will focus on plan designs and plan provisions that should be reviewed, and in some cases, avoided. 

The workshop is scheduled for Monday, Oct. 27, from 10 a.m. to 11:15 a.m., as Workshop 21; it will be repeated as Workshop 51 on Tuesday, Oct. 28 from 2:45 p.m. to 4 p.m.

Since PPA restatements have begun, for many this is a good time to review plan provisions such as compensation, service crediting methods, allocation conditions and others. Join us for an interactive discussion on plan provisions that should come with a surgeon general's warning.  

For more information about this year’s ASPPA Annual Conference, including registration, visit the Conference website here.

Richard A. Hochman, Esq., APM, GFS, is the president of McKay Hochman and currently serves as ASPPA’s Treasurer/Secretary. Robert M. Richter, JD, LLM, APM, is the vice president for SunGard’s wealth and retirement administration business, and served as ASPPA president in 2011-2012.