Restating Your Retirement or Defined Contribution Plan: Six Features for Plan Sponsors to Consider
All prototype and individually designed volume submitter retirement plans are required to be updated and resubmitted to the IRS for review and approval every six years. All of these plans must be restated by April 30, 2016. While this is a requirement, it is also an opportunity to revisit your retirement benefit. The question we ask all plan sponsors during the restatement process is: what are you trying to accomplish with your retirement plan? Based on the answers, we can make recommendations on plan design features.
Here are six features every plan sponsor should consider before restating their plan:
Interested in reading about restating your retirement plan?
Tell us a little more about yourself:
- Why adding automatic features can benefit your plan participation
- Why you may need to review your discretionary profit sharing allocation
- What features are burdensome to your participants and should be considered for removal