Following the Internal Revenue Service’s (IRS)’s elimination of its determination letter program for tax-qualified retirement plans, The Wagner Law Group developed its Private Determination Letter Program (PDLP) to assist plan sponsors.
For decades, the IRS’s letter guided sponsors and helped them make sure they met tax-qualification requirements as the laws and regulations governing tax-qualified plans changed. The PDLP aims to address plan sponsors’ concerns that their plan documents remain compliant with the law as it evolves.
The Wagner Law Group notes that several document providers have announced they will no longer maintain custom plan documents, including their own. Such providers will cease offering operational, statutory and/or regulatory amendments for the plan documents they previously maintained.
The Wagner Law Group says its attorneys can prepare legally-compliant plan documents and appropriate amendments to reflect applicable changes to the law. The firm can also review plans under the PDLP and confirm that design changes made to a plan meet all requirements under the Employee Retirement Income Security Act (ERISA), the firm says.
The Wagner Law Group extends these services to plan sponsors including for-profit, tax-exempt and government entities who administrate 401(k) plans, profit sharing plans, defined benefit (DB) pension plans, money purchase pension plans, cash balance plans and employee stock ownership plans (ESOPs).
Since the determination letter program was abandoned, several firms including Trucker Huss and Hanson Bridgett have offered support. Still, there are several points plan sponsors should consider when deciding what to do in the absence of determination letters.
For more information concerning The Wagner Law Group’s qualified plan services, visit www.wagnerlawgroup.com.