Plan documents are binding legal agreements that detail the provisions under which your retirement plan operates, the rights of plan participants, and the responsibilities of the plan sponsor and trustees. All qualified and non-qualified retirement plans are required to have a plan document and it is imperative that your plan operates in accordance with these provisions. Your plan document must be updated in accordance with applicable law changes or other amendments made to your plan.
Plan Documents with Watkins Ross
Our document services specialist monitors plan documents for compliance with federal regulations. We also assist clients in the preparation and review of plan documents and amendments when necessary, document restatements when required, the submission of plan documents to the IRS for determination letters as well as the submission of plan documents for the IRS’ Voluntary Compliance Program. Watkins Ross sponsors a volume submitter prototype formatted adoption agreement to be utilized by our clients who wish to adopt or maintain a defined contribution plan (i.e. 401(k), profit sharing, money purchase). We also utilize a volume submitter plan document for our defined benefit/cash balance clients.
For our clients that do not utilize our plan documents, we provide a document compliance review service. The purpose of the review is to ensure the client’s plan documents and amendments (if applicable) are in compliance with current IRS Regulations.
Paul G. said:
“Watkins Ross has done an excellent job serving our company 401(k) plan as our TPA. Our WR team, led by Jill Northup and Pat Curtis, are extremely responsive and do a great job administering our plan. They helped guide us successfully through a complicated plan merger of four companies with three pre-existing plans. I recommend Watkins Ross.”