In general, plan installation includes the following duties and requirements (many of which Ohio National's Retirement Plan Services will handle):
- A Resolution for adopting the plan must be prepared. The financial professional should ask for a signed copy after adoption.
- A plan document, which in most cases will be an IRS pre-approved prototype plan, must be created. The financial professional should confirm that the adoption agreement has been properly completed and executed and obtain a signed copy.
- An announcement of the plan must be written and distributed to all employees. A Summary Plan Description (SPD) must be prepared for distribution to plan participants. Keep in mind, the financial professional may offer assistance, for example, by participating in announcement and enrollment meetings.
- An Investment Policy Statement must be written as part of the plan sponsor's fiduciary responsibility to assure that decisions regarding the retirement plan are made in a prudent manner.
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