FINC322 Lecture 16: Plan Installation and Admin
Document Summary
Installation: notice to interested parties preceding the filing to all eligible employees that a plan qualification is being applied for, summary plan description explanation of the plan and its provisions to the employees. Must go to the employees within 120 days after the plan is adopted - Installation: corporate resolutions: adopting plan, adopting trust or ga contract, notify participants, enrollment meetings salary deduction plans notice of filing, file for advanced determination letter, make the 1st year"s contribution. 11: make the 1 year"s contribution, supply the spd. Summary plan description: identify the plan name and type, eligibility, trustees/plan sponsors, employer tax id, tpa"s name and address, explain j&s benefits, vesting schedule, pbgc protection if applicable. Summary plan description: list of sources of plan contributions (participant, match, profit sharing etc. , name of vendor, plan year end date, procedure for presenting claims under the plan, statement of erisa rights. Annual administration: plan sponsor/trustee is referred to as the plan administrator, form 5500.
