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Plan Insight

MAY 2010 Newsletter

Plan Design

Just as a builder begins with a blueprint, plan design is an integral part of building a successful plan. The type of plan you choose may have a dramatic impact on the benefits received, and how they are perceived by your employees.

Plan design is the process of choosing the type of plan—and the array of options—that will meet the needs of your company and its employees.  To do so, you need to know the ages and types of employees you are seeking to benefit, the financial and resource boundaries of your company, and the options that are available to you.

Making changes to an existing plan can be an expensive and time-consuming proposition.  Furthermore, once granted, some benefits cannot simply be "taken away" or modified at a whim.

The plan document that creates the plan and outlines its conditions is a contract—and should be viewed accordingly.  Contracts, of course, can be modified. But frequently the consent of both parties is required—and almost always the services of an enrolled actuary, pension specialist, and an attorney.

 

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Information is provided for review and consideration only. Please consult legal and tax advisors for practical advice pertaining to your business and personal situations.

This page was last reviewed and/or updated on Monday, December 19, 2011 04:17 PM

 
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