What is a volume submitter plan?
What is a volume submitter plan?
What is a Volume Submitter Plan (VSP)? A VSP is a type of plan that, once approved by the IRS, gives assurance that the plan document meets the legal and regulatory requirements of a 403(b). Employers who have adopted a VSP that has been approved by the IRS know they can rely on the plan document being compliant.
What is a pre-approved pension plan?
More In Retirement Plans A pre-approved retirement plan is a plan sold to employers by a document provider such as a financial institution or benefits practitioner.
What is a mass submitter?
A “mass submitter” of a pre-approved plan is a U.S. business that submits opinion letter applications on behalf of at least 30 unaffiliated providers that have “word-for-word identical” plans to the mass submitter’s pre-approved plan.
What is the cycle 3 restatement?
“Restating” is a complete rewrite of plan documents. This “Cycle 3” restatement means that all qualified pre-approved 401(k) plan documents will need to be amended, certified by the IRS, and adopted by the plan sponsor by the deadline of July 31, 2022.
What is a prototyping plan?
The Prototype Testing Plan gives a basic, but useful overview of the different ways in which you can test your work, as well as when to test it. You can build a prototype using various materials, or simply draw or act out your idea. The Prototype Testing Plan also helps structure the testing process.
What is a benefit determination letter?
A determination letter is a formal document issued by the Internal Revenue Service (IRS) that indicates whether or not a company’s employee benefit plan has been found to meet the minimum legal requirements for special tax treatment.
What is an individually designed plan?
Generally, an individually designed plan is a retirement plan that was drafted to meet the specific needs of a single employer or multi-employer group and has not been pre-approved by the IRS.
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