Plan Installation

The feasibility study has been done. A plan has been carefully designed to fit the company’s profile and needs. A great deal of hard work lies behind us. Management is ready to launch.

Now, the next step. Implementation.

At PSI, the job is not finished on the seventh day. Creation is only the beginning. In addition to initial and ongoing financial considerations, there are at least two important constituencies to be addressed. One is the various regulatory agencies and legal hurdles. The other is the participatory work force.

We see the roll-out as an introduction to a long-term commitment. How the retirement plan is presented and perceived– via printed materials, informational seminars, and one-on-one access for key individuals– can make all the difference.

At PSI, our staff includes two ERISA attorneys with a combined 50 years of experience in the pension industry, as well as a certified legal assistant.

To ensure that the plan is installed and maintained at the highest levels of quality and compliance, we work with our partners and client companies on the following:

  • Our attorneys help the staff to prepare plan documents
  • We prepare technical amendments that are customized for each plan
  • We create materials– educational, informational– for participants in the plan, and their families
  • We assist in applying for the IRS determination letter
  • We prepare all of the necessary IRS approval forms as well as annual DOL and PBGC report forms
  • We provide IRS, DOL, and PBGC audit support if necessary
  • We work with investment providers to implement the plan
  • We prepare required plan document restatements
  • We provide certain required notices to plan participants as well as intracompany materials
  • We continuously monitor changes in legislation, IRS regulations, rulings, and court decisions to make sure the plan remains in compliance with the laws.

While the legal aspects of retirement plan administration can sometimes seem to take precedence, it’s equally important that management communicate effectively with participants (i.e., employees). Many a good plan has been thwarted because the rumor mill was stronger than corporate communications.

From the onset, it’s critical to present potential participants with a nuanced, accurate description of their retirement plan– how it benefits them, their role in participation, and the intricacies of retirement planning in general.

While most employees may never be conversant– or fascinated– with the multitude of details associated with retirement plans, from Keoghs to KSOPs, they will appreciate being part of the conversation, and understanding how the company’s plan affects their future and their families’ future.

Calculating vested benefits, in-service or hardship distributions, 1099, 1096, and 945 forms . . . are all just part of the package.

Beginning with pre-enrollment seminars and materials and ending with reports showing compliance and results, PSI manages the gamut of responsibilities.