ACS System Generates Plan Documents and Notices

December 3, 2007 ( - With ASC's Document Generation & Management (DGEM) System, users can generate EGTRRA plan documents and 2008 notices, including safe harbor and automatic enrollment notices.

According to an ASC announcement, the internet-based document system allows users to, among other things:

  • Quickly create prototype and volume submitter EGTRRA documents;
  • Create specialty documents including cash balance, 403(b), and ESOP documents;
  • Create and track plan amendments, with required documentation, including Summary of Material Modifications;
  • Maintain historical plan information;
  • Generate all plan-specific 401(k) safe harbor notices; and
  • Track and create reports regarding plan specific information.

The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Pension Protection Act of 2006, as well as other legislation include provisions that require plan amendments or restatements (See IRS Issues 2007 Cumulative List of Changes for Plan Qualification ). In addition, final 403(b) regulations issued in 2007 require that 403(b) contracts be maintained pursuant to a written plan document (See IRS Offers Model 403(b) Plan Language for Public Schools ).

Plans that have adopted automatic enrollment must issue a notice about the arrangement to plan participants (See IRS to Publish Sample Notice for Auto Enrollment Arrangements ).

More information about the DGEM, including a video demonstration, is here .