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Recordkeeping Platforms Want Right to Approve Trust Provisions in Restated Plan Documents
BenefitsLink Message BoardsLink to more items from this source
Apr. 19, 2021

"This week, we received notifications from a couple of vendors/recordkeeping platforms saying that, because trust provisions are no longer in the IRS pre-approved documents, we need to notify them (the vendor) and send them a copy of the PROPOSED plan restatement provisions, at LEAST 30 days prior to sending them a copy of the restated plan. And these are plans where the employer is the Trustee, or it's a corporate Trustee. My feeling: If they have a problem with it, we can amend the plan, or the employer can find another vendor if the vendor won't handle the employer's desired provisions, if it's important enough to the employer. Are other TPAs getting these requests?"

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