Leaderboard

One person's "hefty" is another person's "bargain." Your administrator/vendor has made an investment in developing, or at least purchasing, the IRS pre-approved documentation, and then needs to spend time making sure the specs for your particular plan are accurately reflected. I can assure you over the life of your plan, and as compared to the tax benefit you are getting out of it, you are getting a bargain as compared to the costs of hiring a competent ERISA lawyer to draft an individually-designed plan and amending it from time to time as required by changes in law and regulations. And this is coming from someone who cut his teeth on and used to spend most of his professional hours drafting individually-designed qualified plan documents and amendments to qualified plans.