Once the decision to adopt a qualified plan has been made, plan details have to be worked out and it must be formally installed. It must be communicated to employees and to the Department of Labor. This lesson reviews additional steps in the retirement plan process — installing the qualified retirement plan and enrolling participants.

Installation Duties

Though a plan document with an established effective date is a prerequisite, the installation of a group retirement plan requires more than simply signing a plan document and providing a group variable annuity contract. A retirement plan cannot be considered installed until all formal IRS qualification requirements have been met.

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