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Press Releases by Date   |   Press Releases by Company Name


View More Press Releases by Groom Law Group

Press Release

Groom Announces New Plan Document Compliance Service

Issued by Groom Law Group

Feb. 21, 2017

February 21, 2017 -- Groom Law Group is pleased to announce that it will offer plan sponsors a practical solution for maintaining IRS-compliant retirement plan documents now that the IRS is no longer issuing periodic determination letters.  We describe the new service in the attached document and look forward to discussions with interested plan sponsors and fiduciaries.

Background
The final IRS 5-year determination letter cycle for individually designed plans has just ended. The abrupt pullback of this 60-year-old IRS program calls for a new approach for employers to maintain the tax-qualification of their plan documents.

Such IRS qualification is essential to preserve

  • fully tax-deductible employer contributions and pre-tax participant contributions,
  • tax exemption for trust investment earnings, and
  • tax deferral and rollovers for employees.
Without updated IRS letters, employers and plan fiduciaries may still need documentation of IRS plan qualification to satisfy requests from, among others
  • plan auditors,
  • compliance officers,
  • investment managers,
  • third-party administrators, and
  • other parties, such as in business transactions or collective bargaining.
Groom’s New Service
Building on 40-plus years of experience in the qualified plan arena, Groom has developed its Document Compliance Service (“DCS”). This new service – targeted to individually designed plans that have current IRS determination letters – builds on (1) a plan’s last “determination letter” from the IRS, (2) the IRS’ new “required amendment” lists and (3) Groom’s extensive and continuous monitoring of legal developments as they arise. The end result of this effort will be an opinion intended to confirm continued satisfaction of the IRS document requirements applicable to an employer’s plan(s).

DCS is available for tax-qualified plans of all types – including pension, cash balance, pension equity, profit sharing, 401(k), ESOP, and money purchase pension plans. And all types of plan sponsors may take advantage of the service, including corporate, tax-exempt, governmental and other entities.

Groom has designed DCS to serve as a key internal control for an organization’s plans, and to help avoid costly IRS plan document corrections. DCS also is expected to be available to support merger and acquisition activities. Groom has extensive experience in working with plan sponsors, plan fiduciaries, auditors, consultants, third-party administrators, investment managers and recordkeepers and, because of this experience, will be able to effectively collaborate with other service providers for DCS clients.

Want to Learn More?
Groom is excited to offer this new plan document compliance service to plan sponsors and fiduciaries. We would be pleased to set up a complimentary discussion about DCS at your convenience. Please contact one of the principals listed below, or your regular Groom attorney to arrange a meeting.

Elizabeth Dold
(202) 861-5406

Daniel Hogans
(202) 861-5414

Jeff Kroh
(202) 861-5428

David Levine
(202) 861-6626

Mark Lofgren
(202) 861-6614

Louis Mazawey
(202) 861-6608

David Powell
(202) 861-6600

Brigen Winters
(202) 861-6618

Jeff Witt
(202) 861-6651

J. Rose Zaklad
(202) 861-6626

Elizabeth Dold
(202) 861-5406

Daniel Hogans
(202) 861-5414

Jeff Kroh
(202) 861-5428

David Levine
(202) 861-5436

Mark Lofgren
(202) 861-6614

Louis Mazawey
(202) 861-6608

David Powell
(202) 861-6600

Brigen Winters
(202) 861-6618

Jeff Witt
(202) 861-6651

J. Rose Zaklad
(202) 861-6626

BL:hh

View More Press Releases by Groom Law Group


Editor's note: This press release has been issued by the company named above, not BenefitsLink. Reliance on information in this press release might be prudent only after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

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