If you have a client with an existing qualified retirement plan or who is thinking about adopting a qualified retirement plan, we want to talk to you about our prototype plan document. Using a prototype plan document is one of the best ways to control the cost of maintaining or adopting a qualified retirement plan. A custom plan document could cost as much as three times the cost of a prototype document. In addition, whether your client uses a custom or prototype document, the IRS requires that all plan documents be updated to reflect regulatory changes. Because an administrator can spread the cost of updating a prototype plan document over its many clients, the cost of updating a prototype plan document is much less than the cost of updating a custom plan document.
RMC Group has a proprietary defined benefit plan document, which has been updated and approved by the IRS as of March 30, 2018. We are currently restating the plan document of each defined benefit pension plan, which we administer. Restating an existing plan document is necessary, because, in the event of an IRS audit or plan termination, the IRS will want to see that the document has been updated.
If you have a client, who is thinking about adopting a defined benefit pension plan, you should recommend that your client use our prototype plan document. The cost is much less than a custom plan document, and, because our prototype plan document has been approved by the IRS, your client can be assured that its plan document meets the requirements of the Code and IRS regulations. In addition, if you have a client, who does not already use the RMC Group to administer its plan, we are happy to restate your client’s existing plan document. Again, because our prototype plan document has already been approved by the IRS, we can save your client time and money. Our fee for the restatement of existing plan documents is $2,500.
Whether you are looking to install a new plan or restate an existing plan, call the RMC Group to see how we can help. You can contact us at 239-298-8210 or at rmc@rmcgp.com. We look forward to helping you.
