The Wagner Law Group | Est. 1996

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The Wagner Law Group Receives IRS Approval of its Defined Contribution Plan

On Behalf of | Jul 15, 2020 |

The Wagner Law Group is pleased to announce that we have received IRS approval of our non-standardized defined contribution plan document, further bolstering our firm’s position at the forefront of the qualified retirement plan document and compliance realm.

A pre-approved plan document has an IRS opinion letter upon which adopters of the plan can rely with respect to the form of the document, including various options (some of which are listed below) that have been subject to comprehensive IRS review.  The Wagner Law Group’s new pre-approved defined contribution plan document represents an excellent opportunity for sponsors of defined contribution plans to obtain assurance their plan document language complies with legal requirements.

By adopting The Wagner Law Group’s pre-approved defined contribution plan, a plan sponsor will have a single, streamlined document, rather than a confusing “check the box” adoption agreement and weighty companion “basic plan document,” that has been specifically designed to be easier to understand and administer. The needs of most defined contribution retirement plan sponsors can be met with the flexibility of our plan document’s features, including:

  • Pre-tax and Roth 401(k) salary deferral contributions, with automatic enrollment and automatic deferral escalation options, and after-tax employee contributions;
  • Safe harbor designs using employer matching contributions, nonelective employer contributions or a qualified automatic contribution arrangement (QACA);
  • Several employer profit sharing contribution options, including cross-tested designs, age and service weighted formulas, and a money purchase contribution feature;
  • Employer matching contributions (which also can be used within a safe harbor design);
  • Various eligibility and service-counting options;
  • Multiple in-service withdrawal options, including loans;
  • Various vesting alternatives;
  • Qualified joint and survivor provisions;
  • Numerous optional forms of payment; and
  • Multiple employer adoption capability.

Sponsors wishing to adopt a pre-approved defined contribution plan document must do so by the IRS’s July 31, 2022 deadline.

The Wagner Law Group has two additional pre-approved plans – our volume submitter 403(b) plan, for which approval was received on April 13, 2017, and our volume submitter defined benefit pension plan, for which approval was received on March 31, 2018.

For more information about our volume submitter defined contribution plan, please contact Jon Schultze.