Conversation Toolkit

Maintaining retirement plan documents

Topic overview

Staying ahead of trends means understanding and complying with the latest laws and regulations. The plan document is the official paperwork executed by a business owner to establish and maintain a workplace retirement plan for their employees as well as themselves.

In order to receive favorable tax benefits, federal law requires that plan sponsors maintain workplace retirement plans under a written document that identifies one or more plan fiduciaries, describes the participant eligibility and benefit structure, and sets forth guidelines for plan administration.

Use these tools to help your clients maintain proper plan documentation to meet federal laws, compliance review schedules and rules for plan changes and amendments.

Is this relevant to my clients?

Individuals could benefit from these tools if they:

  • Maintain certain retirement plans:
    • 401(k) and other defined contribution plans
    • Defined benefit plans
    • Simplified employee pension (SEP) plans
    • Savings incentive match plans for employees (SIMPLE) IRA benefit plan
  • Are dissatisfied with the performance and operation of their existing plans and may benefit from a plan upgrade
  • Do not maintain a plan at this time but would like to

How to use your toolkit

  1. Schedule client meetings to discuss this opportunity.
  2. Email the Pre-Meeting Overview to your clients to set their expectations.
  3. Print out the Meeting Worksheet and review it together.

Disclosures

This material is for educational purposes only. It cannot be used for the purposes of avoiding penalties and taxes. Columbia Threadneedle Investments does not provide tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation.