The heart of any employer-sponsored retirement plan is the plan document. Now that Jacobs and Lofgren have completed the necessary paperwork to install their retirement plan, Ohio National's Retirement Plan Services department will prepare a plan document for their law firm using information covering virtually all aspects of the plan (from eligibility to vesting schedules).
The plan document may be either a prototype plan or a custom-drafted one. Because all plan documents require approval by the Department of Labor (DOL), prototype plan documents have an advantage as they already meet DOL requirements, thereby expediting the approval process. In the case of Jacobs and Lofgren, which does not involve a plan takeover, a prototype plan document can be used for the Safe Harbor
401(k) Plan with an Integrated Profit Sharing Plan.
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