All ASC plan documents are drafted by ERISA experts led by John Griffin, J.D., LL.M. who has over 40 years of industry experience. The Documents are housed in DGEM, enabling you to streamline the creation and management of customized pre-approved plan documents, including profit sharing, 401(k), money purchase, 403(b) and defined benefit plans.
- Completely web based
- Customizable document delivery packages
- Produce safe harbor and other annual participant notices in batch
- Create and complete amendment packages for all your clients at one time
- Document history
- Data validation to avoid costly errors
- Reduce expensive printing costs with e-sign and electronic delivery
- Eliminate repetitive data entry
- Flexible documents
- Process Interim Amendments faster and with less risk
- Tracking Plan Document Restatements is complicated simple
- API – Plan Docs Data Exchange
Plan Document Types
- The new program eliminates “prototype” and “volume submitter” documents and instead simply provides for “pre-approved plans”.
- Both Nonstandardized and Volume Submitter plans are now generally referred to as “Nonstandardized” plans.
- Church plans and ESOPs with 401(k) features are now permitted under the Pre-Approved DC Program.
All ASC documents are provided in a flexible adoption agreement format with a corresponding basic plan document.
Profit Sharing/401(k) Plan – Standardized (Full and Collapsed AAs)
Designed to satisfy the IRS requirements for a “standardized” plan, a standardized plan provides a higher level of reliance on the plan’s opinion letter without the design flexibility of a “nonstandardized” plan. For example, the definition of compensation is restricted to total compensation and generally all employees (other than statutorily excludable employees) must be eligible for the plan. Other limitations also apply. The plan will provide a more streamlined (and simpler) approach to plan design. The plan is similar to ASC’s Standardized Prototype Profit Sharing/401(k) Plan used for Cycle 2 (PPA) plans.
Profit Sharing/401(k) Plan – Nonstandardized (Full and Collapsed AAs)
ASC’s most flexible and comprehensive plan allows maximum design options for the plan sponsor. This plan accommodates all plan design options allowed under the IRS procedures for pre-approved plans, including cross-tested plan designs. This plan is similar to ASC’s Volume Submitter and Nonstandardized Profit Sharing/401(k) Plans used for Cycle 2 (PPA) plans.
Owners Only Plan – Nonstandardized
Designed for “owners only,” this plan is generally exempt from the requirements of Title I of ERISA. The plan is appropriate for certain sole proprietors, partnerships, and LLCs that do not have common law employees. This plan is similar to ASC’s Volume Submitter Owners-Only Plan used for Cycle 2 (PPA) plans.
Money Purchase Pension Plan – Nonstandardized
Designed for money purchase pension plans only, this plan is similar to ASC’s Volume Submitter and Nonstandardized Money Purchase Pension Plan used for Cycle 2 (PPA) plans.
Governmental Profit Sharing/Grandfathered 401(k) Plan – Nonstandardized
Designed for governmental entities and Indian tribal governments adopting or maintaining a profit sharing plan, including a plan with “grandfathered” 401(k) plan features, this plan is exempt from the requirements of Title I of ERISA, coverage, and nondiscrimination. (Note: such entities MUST use this pre-approved plan document and CANNOT use the Nonstandardized Profit Sharing/401(k) Plan.) This plan is similar to ASC’s Volume Submitter Governmental Profit Sharing/Grandfathered 401(k) Plan used for Cycle 2 (PPA) plans.
Governmental Money Purchase Pension Plan – Nonstandardized
Designed for governmental entities and Indian tribal governments adopting or maintaining a money purchase pension plan, this plan is exempt from the requirements of Title I of ERISA, coverage and nondiscrimination. (Note: such entities MUST use this pre-approved plan document and CANNOT use the Nonstandardized Money Purchase Pension Plan.) This plan is similar to ASC’s Volume Submitter Governmental Money Purchase Pension Plan used for Cycle 2 (PPA) plans.
ESOP/KSOP (Leveraged & Non-Leveraged) Plan – Nonstandardized
Designed for entities adopting or maintaining employee stock ownership plans (ESOPs), this plan includes non-leveraged, leveraged and 401(k) features. This is a newly allowed type of pre-approved plan under IRS procedures.
Non-Electing Church Profit Sharing/401(k) Plan – Nonstandardized
Designed for “non-electing” churches adopting or maintaining a profit sharing plan, including a plan with 401(k) plan features, this plan is exempt from the requirements of Title I of ERISA. (Note: such non-electing churches MUST use this pre-approved plan document and CANNOT use the Nonstandardized Profit Sharing/401(k) Plan.) This is a newly allowed type of pre-approved plan under IRS procedures.
Non-Electing Church Money Purchase Pension Plan – Nonstandardized
Designed for “non-electing” churches adopting or maintaining a money purchase pension plan, this plan is exempt from the requirements of Title I of ERISA. (Note: such non-electing churches MUST use this pre-approved plan document and CANNOT use the Nonstandardized Money Purchase Pension Plan.) This is a newly allowed type of pre-approved plan under IRS procedures.
Contact us today for more information: sales@asc-net.com
- Defined Benefit Plan – Nonstandardized (integrated & non-integrated)
- Cash Balance Plan – Nonstandardized
- Defined Benefit Nonstandardized – Governmental (including Cash Balance provisions)
Defined Benefit Plan – Integrated/Non-Integrated
This nonstandardized document is for non-governmental entities. It may be used for defined benefit plans using either an integrated or a nonintegrated benefit formula.Cash Balance
This nonstandardized document is for non-governmental entities. It may be used for plans that provide for hypothetical cash balance accounts for plan participants.Governmental Defined Benefit – Integrated/Nonintegrated/Cash Balance Provisions
This nonstandardized document is for governmental entities. The document may be used for defined benefit plans using either an integrated or a nonintegrated benefit formula. The document also may be used for plans that provide for hypothetical cash balance accounts for plan participants.
- 501(c)(3) Plan
- Salary Reduction Only Plan
- Public School/Dual Status Entity Plan
- Church Plan
- Church Retirement Income Account (RIA) Plan
See Pre-Approved 403(b) plan type descriptionsSee Less
501(c)(3) PLAN – . For 501(c)(3) tax-exempt organizations and “electing” churches (i.e., churches that have specifically elected for their plans to be covered by ERISA). This plan allows a wide range of adoption agreement selections, including funding through annuity contracts and/or custodial accounts, designation of eligible employees by category, numerous design options for salary deferrals, matching contributions and employer contributions, vesting schedules, multiple distribution options and other features. The plan is similar in design to the ASC Cycle 3 Nonstandardized 401(k)/profit sharing plan. This plan is subject to Title I of ERISA.
SALARY REDUCTION ONLY PLAN – For employers otherwise qualified to maintain a plan under Code §403(b) that want to provide a plan that only allows for salary reduction contributions and is exempt from Title I of ERISA, as provided under Department of Labor regulations. Conditions for the exemption from Title I of ERISA include: the plan must be funded solely by salary reduction contributions; participation is completely voluntary; the plan rights are enforceable solely by the employee or beneficiary; the employer’s involvement is limited to certain enumerated activities; and the employer receives no direct or indirect compensation other than reimbursement for the direct expenses of performing its duties.
PUBLIC SCHOOL/DUAL STATUS ENTITY PLAN – For State-sponsored educational organizations described in Code §170(b)(1)(A)(ii) (relating to educational organizations that normally maintain a regular faculty and curriculum and normally have a regularly enrolled body of pupils or students in attendance at the place where educational activities are regularly carried on) and educational organizations sponsored by Indian Tribal Governments. For example, public colleges, universities, high schools and elementary schools may use this plan. Dual status 501(c)(3)/governmental entities may also use this Plan. This plan is not subject to Title I of ERISA.
CHURCH PLAN – For churches and church-related organizations, including Qualified Church-Controlled Organizations and Non-Qualified Church-Controlled Organizations, that do not want their plans to be covered by ERISA. The plan can cover ministers. [Note: This plan does not allow for the use of retirement income accounts under Code §403(b)(9). IRS procedures require employers wishing to utilize the special retirement income account rules under Code §403(b)(9) to adopt a separate plan. See our Church Retirement Income Account Plan below.] This plan is not subject to Title I of ERISA.
CHURCH RETIREMENT INCOME ACCOUNT (RIA) PLAN – For churches and church-related organizations, including Qualified Church-Controlled Organizations and Non-Qualified Church-Controlled Organizations, that are allowed to use the special provisions under Code §403(b)(9). Church retirement/welfare boards and self-employed ministers also may use this plan. [Note: The provisions of Code §403(b)(9) allow retirement income account plans to avoid application of certain requirements otherwise applicable to 403(b) plans. IRS procedures require employers wishing to utilize the special retirement income account rules under Code §403(b)(9) to adopt a separate plan.] This plan is not subject to Title I of ERISA.
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