With individual enrollments now complete, the retirement plan for Jacobs and Lofgren, LLC, Attorneys-at-Law, is fully installed. As explained earlier in this course, this plan (like all qualified retirement plans) will require regular maintenance. For Jacobs and Lofgren, ongoing operation responsibilities include:
- Submitting plan contributions and participant information; and
- Providing year-end census data in a timely fashion.
For you, ongoing operation responsibilities include:
- Periodically enrolling new participants according to plan specifications and reenrolling participants when new funds are added; and
- Meeting with the client no less than annually to review the plan design, investment options and other client needs.
Keep in mind that servicing the retirement plan after it has been placed is an important role for you. Good service after the sale will help you establish a long-term relationship with Jacobs and Lofgren and assure that their potentially changing needs are met on an ongoing basis.
