Plan Document Maintenance Included in our 401(k) Administration Services

Optional program to keep your retirement plan documents current with IRS/DOL Regulations

The Plan Document Maintenance Program (PDMP) is an optional service designed to keep your Plan document up to date with all IRS/DOL requirements, easing your 401K Plan Administrator duties associated with the Plan and effectively reducing and leveling your document related costs. The services covered under the PDMP include:

  • No cost required regulatory restatement approximately every six years
  • No cost regulatory amendments as released by the IRS/DOL
  • 50% discount on plan sponsor requested discretionary amendments and restatements

The benefit of the PDMP is to allow plan sponsors to budget Plan document expenses over time. The icing on the cake is the savings you will be entitled to as a PDMP user.

For example:

Mandatory Restatements – The IRS/DOL requires that all Plans using a pre-approved document be restated approximately every six years to incorporate all regulatory changes occurring during the remedial amendment period.

Interim Amendments – The IRS/DOL may require that good faith amendments be adopted by the Plan to incorporate regulatory changes that occur during the remedial amendment period. These interim amendments are then included in the Plan Document during the next following mandatory restatement. The number of interim amendments during a six-year cycle depends on how many proposed regulations actually become law. Historically, we’ve seen as few as two and as many as eight amendments. The fee for these will vary, depending on the scope of the legislative change. Clients who choose to remain under the PDMP will not be charged for interim amendments during the current remedial amendment period.

Discretionary Amendments – An amendment is required to incorporate plan provision changes that are elected by the plan sponsor. For example, if a plan sponsor decides to add loan provisions or change eligibility requirements, etc. Clients who participate in the PDMP will receive a 50% discount on all discretionary amendments.

Please note: if you choose to “OPT” out of the PDMP you cannot enroll again until after the next restatement period ends. You may “OPT” out at any time during the current restatement period; however you won’t be refunded any of the fees paid to date.