Vesting is not the same as in a 401(k) plan. It is one leg of the availability of benefits.
We are often asked about changing the retirement plan design. Perhaps it is to let people into the plan earlier, or change a particular formula or insert a feature for participants to borrow from their accounts.
We are concerned about your fiduciary duty, keeping the plan compliant with the testing and reporting
Each year, around this time, the government agencies report the increase in various plan-related amounts.
Periodically, it is good idea to take a step back from the retirement plan and evaluate the design.
Our experience gives plan sponsors and advisors the chance to ask questions to a team that knows the answers and has dealt with many different scenarios.
ESOPS are not one-size-fits all but they are quite flexible and maybe this could be included as an exit strategy to consider.
If you are a plan fiduciary, you may be held personally liable for your actions or your co-fiduciaries’ actions (or inactions).
The Summary Plan Description is supposed to be an easier to read document describing benefits, rights and features of the plan document.