Plan Document Question

A 401 (k) plan converted to a recordkeeper that doesn't handle plan documents. The Plan is still operating off the volume submitter document of their prior recordkeeper, and the new one is administering the plan in accordance with that document, however it won't be updated or maintained.  What should their next step be? They've reached out to two tpas who won't do it for them because it doesn't comply with theirs. Do they need to get an Erisa attorney to draft one? Their current recordkeeper is telling them they don't need a new plan document to recordkeep the plan so its making it difficult to convince them they need to spend the money on an attorney. Any thoughts or suggestions?

I would suggest finding a TPA or service provider that has a document service only (no recordkeeping or administration or reporting) tier.  I think ones that cater to the smaller market are more likely to offer this. 

Will the new recordkeeper also be doing all the annual work? The form 5500? compliance testing? If not, a traditional TPA that does that work in addition to the document is needed. 

Sounds like they went from a bundled service provider - to an unbundled. 

If the new recordkeeper really is doing everything except the document, my document services only suggestion is the best I can think of. Then they would not need to hire an attorney, at least not if they can be accommodated on a volume submitter document at a more affordable cost. 

The obvious problem is or will be required amendments and restatements.  With SECURE 2.0, many of these amendments are required and/ or necessary now. I would also check and see what the prior document provider says about document maintenance.  Most will not maintain a document in this situation.  It is very difficult to find a TPA who will do document only.  It is not generally profitable for them.

I/we have a relationship with an LA ERISA attorney who will do this.  She uses ASC documents and her pricing is very reasonable.  Please send me a note at Patricia.Jensen@FuturePlan.com and I will send you her contact information.