EBP Guy Posted March 25, 2024 Posted March 25, 2024 Hello, just a quick question: The Basic Plan Document has pretty much all iterations of things regarding a plan (in reference: Non-Standardized, Pre-Approved), but the Adoption Agreement is obviously the document that the Plan Sponsor adopts their elected provisions. We came across a nuanced issue today that wasn't outlined in the adoption agreement, but had reference/justification in the Basic Plan Document. Is said-issue able to be permitted by being outlined in the Basic Plan Document, but not the Adoption Agreement? Or does the Adoption Agreement have to explicitly permit every action the Plan Sponsor makes because the Basic Plan Document is "all encompassing"? Thanks!
Popular Post CuseFan Posted March 25, 2024 Popular Post Posted March 25, 2024 Both the AA and the BPD comprise a plan sponsor's plan document. Therefore, to the extent a provision is delineated in the BPD without any corresponding AA selection, the BPD governs and should be followed. Not everything can/will/need to be outlined/selected in the AA and anything that is not expressly provided in the AA via a permissible selection is subject to any BPD mandates. Luke Bailey, Belgarath, justanotheradmin and 7 others 9 1 Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
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