Review Plan Design to Ensure Alignment with Your Goals

Maybe it’s time to re-think the necessary task of plan restatement.

Ongoing changes in IRS and DOL rules require that qualified plan documents be updated on a cycle to remain compliant. The restatements address regulatory changes and incorporate adopted amendments.

But restatement periods also offer an opportunity to ensure that your plan design is still
a good fit in consideration of business, growth and goal changes. Conduct a plan design review weighing existing plan features andbenefits against any such changes, and make design revisions if necessary. It’s beneficial to enlist the help of a plan design expert.

Well designed plans address business objectives, owner and employee goals, employee demographics, company culture, growth projections, tax incentives, cash flow, budgets and compliance.

If you are not getting ideas like this and plan design expertise from your current plan provider or investment advisor it may be time to review your options.

Allen Woodard