Retirement programs are commonly referred to by the applicable section of the Internal Revenue Code and other attributes they share or avoid. Hence, the reference to non-prototype, which indicates the absence of provisions of a prototype plan.
Regarding this, what is a prototype retirement plan?
a plan sponsored by an organization for adoption by its members or customers, which consists of an adoption agreement and a separate plan document (called a . master or prototype plan.), and. a plan that is individually tailored for an employer’s unique circumstances (called an individually drafted plan.)
- 401(k).
- Solo 401(k).
- 403(b).
- 457(b).
- IRA.
- Roth IRA.
- Self-directed IRA.
- SIMPLE IRA.
Accordingly, what is a non standardized 401 K profit sharing plan?
In a standardzied plan you can’t require that a participant be employed at the end of the year or complete year of service to recieve an allocation or accrual. (You can still require 1 year (or 2 years with full vesting in a non-K plan)/ and 21 to become a participant.
Is a volume submitter plan a prototype plan?
With our pre-approved plans, you can minimize user fees and simplify your pension practice. Our defined contribution “prototype formatted” volume submitter looks just like a prototype but is submitted as a volume submitter. The document includes some provisions that are not permitted in prototype plans.
What is a prototype employee benefit plan?
Basically, a standardized prototype plan is “pre-approved” by the IRS and the adopting employer who wishes to utilize it need only complete the adopting employer information and determine which of the available options (with regard to eligibility, contribution and/or benefit formulas, and vesting schedules) will apply.