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Retirement Plan Documents

Individually Drafted Plans
Individually drafted plans are for employers that want to take advantage of provisions allowed by law, but not offered by a prototype plan. There are two types of individually drafted plans: (i) a volume submitter plan, and (ii) an individually designed plan.

A volume submitter plan offers a wide variety of plan provisions allowed by law using language which has been reviewed by the IRS. However, unlike the prototype plan which offers only a few options, a volume submitter plan offers hundreds of variations. Employers adopting a volume submitter plan should obtain IRS approval of the plan as written for that employer. Even though the plan is individually drafted, the fee charged by the IRS is the same as for a nonstandardized prototype plan.

The employer has much greater flexibility with a volume submitter plan than a prototype plan. The IRS permits employers to make changes to the provisions previously reviewed, or add unique provisions. Volume submitter plans are easy to work with because they include only plan provisions applicable to the employer. Some law firms may provide volume submitter plans for use by their clients.

If an employer desires special provisions to meet its objectives, an individually designed plan can be used. For example, an employer that wants to provide maximum permitted discrimination in favor of owners or highly compensated employees must adopt an individually designed plan. This type of plan will cost more to establish, and the employer will pay a higher fee to obtain IRS approval. However, paying the higher fees will be worthwhile for these employers because the plan will enable higher paid employees to receive larger contributions than provided under a prototype plan.

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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 Friday, July 03, 2015 05:22 PM


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