Plan Design

An effective retirement plan begins with sound plan design and grows with attentive execution. Design elements impact every aspect of your plan—from investments and recordkeeping to compliance and communication. Based on our experience with thousands of plans, one overlooked design flaw can cause unnecessary difficulties later. That’s why it is extremely important to partner with a specialty firm like EFA whose expertise can produce maximum satisfaction for provider and participant alike.

EVALUATING A CURRENT PLAN: We can conduct a comprehensive analysis of an existing plan, identifying gaps and opportunities for enhancement. We establish plan targets, define strategic goals, and present specific, objective recommendations.

PLAN RE-DESIGN: We offer either a standardized prototype plan document or a non-standardized document for additional flexibility. Once the plan re-design is finalized, sponsors receive a completed adoption agreement. As plan changes occur, we can prepare plan amendments and produce or update summary plan descriptions. We also monitor every plan to keep it current.

KEEPING THE PLAN CURRENT: In today’s legislative environment, ongoing developments in benefit plan regulations add to the complexity of managing a retirement program. EFA proactively monitors legislative activity, providing sponsors with technical support to interpret existing or changing regulations and the impact on their plan.

COMPLIANCE AND REPORTING: In addition to keeping sponsors informed of changes in legislation, our expert in-house compliance team can perform required testing and filing of government forms to ensure the plan stays in compliance with IRS regulations. Signature-ready IRS Form 5500 and related schedules can also be prepared.