Do you have the proper controls in place for updating, maintaining and following your plan document? Central to your fiduciary responsibility as a plan sponsor is following the plan document. Even if the plan uses a volume submitter document and engages third-party service providers, as a plan sponsor, you still need to be engaged with your plan document as you don’t want to let a poorly maintained plan document be a trap you fall into with regulators…or litigators.
Summer Conley, partner at Drinker Biddle, and Bonnie Treichel, senior consultant at Multnomah Group, discussed common problem areas plan sponsors encounter with their plan documents in our audiocast “Tips and Takeaways for Maintaining Your Retirement Plan Document.”Summer and Bonnie discussed:
- Frequency of plan document amendments and restatements.
- Common areas where plan sponsors run afoul of the plan document’s provisions.
- Custom plan document vs. volume submitter plan document.
- Best practices for notifying participants after plan document amendments or restatements.