Discuss and/or illustrate plan design alternatives that you would like to consider at this time.
Draft a customized PPA Document for your plan.
Conference call or meeting at our offices to review your draft document (up to one hour).
Complete your PPA Plan Packet (Adoption Agreement, Summary Plan Description (SPD*), Basic Plan Document, Opinion Letter, Participation Agreement (if applicable).
Plan Administrator Packet (including Memorandum, Board Resolution, Adoption Agreement, Plan Document, Trust Document, Summary Plan Description, and Loan Policy).
Prepare an updated PPA Participant Packet (cover letter, acknowledgement of receipt, SPD, Beneficiary Designation Form*, and plan notices (if applicable)
*Master Beneficiary Designation Form – This form is used to designate a beneficiary of plan assets in the event of the death of a participant. If the participant is married and names a beneficiary other than his or her spouse, the spouse must complete the Spousal Consent form and the form must be witnessed. If a participant’s marital status should change, he or she should complete a new designation form. Please maintain an executed original of each participant’s designation in your permanent file. PENSERVCO, Inc. does not record keep beneficiary forms.
Automatic Enrollment provisions – Provides statutory authority for employers to enroll workers in 401(k) and 403(b) plans automatically.
Automatic Enrollment opt out – Allows automatic contributions to be returned to employees without tax penalties, if employee opts out of participation within 90 days.
Funding notifications – Expands disclosure that workers must receive about the performance of their pension plans.
Investment advice rules – Removes the conflict of interest for giving certain types of investment advice to participants in retirement accounts.
Contribution limits – Extends the 2001 tax act's contribution limits.
Qualified Default Investment Arrangements – Establishes safe harbor investments, also known as Qualified Default Investment Alternatives, to protect employers from liability of losses suffered by automatically enrolled employees.
Failure to restate the document before the deadline can result in disqualification of the plan and/or significant penalties. It is important that you act promptly to review the new document, update our office regarding changes you would like to implement and that you sign the adoption page and return it to PENSERVCO when you receive it.
For more information on the PPA restatement process, please consult your plan administrator at PENSERVCO or visit www.irs.gov.
We are committed to helping you keep a healthy and successful retirement plan. As part of that commitment, all of the following services are included with our PPA restatement process for one fee:
* Master original Summary Plan Description (SPD) – This document details the provisions and rules regarding the plan in easily understood language for plan participants. Please have a sufficient number of copies of this document made in order to distribute copies to each current employee and future employees who would be eligible to participate in the plan.