Plan Document Services

Plan Document

The governing rules and provisions in any qualified retirement plan are located in the Plan Document. This document acts as the foundation for your plan. In order to remain in compliance with the Internal Revenue Service and the Department of Labor, you must adhere to its provisions. Failure to do so could create costly compliance issues that may result in audits, fines, correction programs, and plan disqualification.

Here at ASPERIA Retirement Plan Solutions, we appreciate that our clients are unique; not all plans will fit into the same mold. Knowing this, we will work side-by-side with you to customize your retirement plan to meet your specific needs and expectations.

An important part of our job is to educate you on the key provisions in your plan, to ensure that you understand them fully and always remain in compliance. Your personally assigned professional plan administrator is always available to answer any questions relating to the operation of your plan.

Summary Plan Description

Along with the Plan Document, we will prepare a Summary Plan Description (SPD), which is a condensed version of your plan presented in a more understandable format. It is an IRS requirement that each eligible plan participant receive the SPD within 120 days of meeting eligibility. ASPERIA will provide you with any forms or documents you will need.

Plan Amendments

How to modify your plan

We can always amend the Plan Document with one exception: You cannot take away a benefit, right, or feature from an employee if it has already been earned. The amendment process requires a Board Resolution and either an updated Plan Document or a Summary of Material Modifications (SMM), which must be provided to the employees. ASPERIA will provide you with any updated materials that you need to keep you employees informed, and keep you in line with IRS requirements.

Section 125 Plan Documents

Both employers and employees can save significantly on taxes with a cafeteria plan. (These plans are also referred to as premium-only plans (POPs), flexible-spending arrangements (FSAs), or flexible benefit plans.)

Cafeteria plans allow employees to have more choice and flexibility in selecting their benefits. Employees can elect to voluntarily contribute pre-tax funds into the cafeteria plan to pay for medical, dental and certain other insured benefit premiums. We will work with you to design a program that appropriately fits both employee and employers needs.