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.
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Plan Document Types:
Rev. Proc. 2017-41 made significant changes to the IRS Pre-Approved Plan program that began with the third cycle document restatement (Cycle 3). Changes include:
- 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
ASC offers a variety of Cycle 4 defined contribution pre-approved plan types. All of the documents use the basic plan document/adoption agreement (AA) format. Except for the “Standardized” Profit Sharing/401(k) Plan, all of the plans are considered “nonstandardized” plans under IRS procedures. ASC’s Cycle 4 defined contribution pre-approved plan offerings include:
Profit Sharing/401(k)/Money Purchase Pension Plan – (Full AA Version)
This nonstandardized plan is ASC’s most flexible and comprehensive plan, allowing maximum design options for the plan sponsor. The AA reflects all options available. This plan accommodates all plan design options allowed under the IRS procedures for pre-approved plans, including cross-tested plan designs.
New for Cycle 4: Money Purchase Pension Plan provisions will be included in this AA and the separate Money Purchase Pension Plan AA will no longer be offered. ASC’s Cycle 3 Nonstandardized Profit Sharing/401(k) Plan and Cycle 3 Nonstandardized Money Purchase Plan will both restate to this AA in DGEM.
Profit Sharing/401(k)/Money Purchase Pension Plan – (Collapsed AA Version)
Same features as above, except when generated, the AA will include only the options elected, generally resulting in a much shorter AA than the Full AA Version.
Standardized Profit Sharing/401(k) Plan (Full AA version)
This plan is designed to satisfy the IRS requirements for a “standardized” plan. While it provides a higher level of reliance on the plan’s opinion letter, it does not allow 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. This plan provides a more streamlined (and simpler) approach to plan design.
New for Cycle 4: The collapsed AA version is no longer offered.
Owners (Solo) Profit Sharing/401(k) Plan
This nonstandardized plan is designed for business owners and generally is 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 and that want to maintain a profit sharing and/or 401(k) plan (e.g., a solo 401(k) plan).
Governmental Profit Sharing/Grandfathered 401(k)/Money Purchase Pension Plan
This nonstandardized plan is designed for governmental entities and Indian tribal governments adopting or maintaining a profit sharing plan, including a plan with “grandfathered” 401(k) plan features, or a money purchase pension plan. (Note that such entities MUST use this pre-approved plan document and CANNOT use the nonstandardized Profit Sharing/401(k)/Money Purchase Pension Plan.) The plan is exempt from the requirements of Title I of ERISA and the coverage and nondiscrimination requirements of the Internal Revenue Code.
New for Cycle 4: Money Purchase Pension Plan provisions will be included in this AA and the separate Governmental Money Purchase Pension Plan AA will no longer be offered. ASC’s Cycle 3 Governmental Nonstandardized Profit Sharing/401(k) Plan and Cycle 3 Governmental Nonstandardized Money Purchase Plan will both restate to this AA in DGEM.
Employee Stock Ownership Plan (ESOP)
This nonstandardized plan is designed for entities adopting or maintaining an ESOP. The plan includes nonleveraged, leveraged and 401(k) (KSOP) features.
Non-Electing Church Profit Sharing/401(k)/Money Purchase Pension Plan
This nonstandardized plan is designed for “non-electing” churches adopting or maintaining a profit sharing plan, including a plan with 401(k) plan features, or a money purchase pension plan. (Note that non-electing churches MUST use this pre-approved plan document and CANNOT use the nonstandardized Profit Sharing/401(k)/Money Purchase Pension Plan.) The plan is exempt from the requirements of Title I of ERISA.
New for Cycle 4: Money Purchase Pension Plan provisions will be included in this AA and the separate Non-Electing Church Money Purchase Pension Plan AA will no longer be offered. ASC’s Cycle 3 Church Profit Sharing/401(k) and Cycle 3 Church MPP Plans will both restate to this AA in DGEM.
For more information, please email sales@asc-net.com.
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.
For more information, please email sales@asc-net.com
- Fully Flexible 403(b) Plan (for 501(c)(3) organizations)
- Simplified 403(b) Plan (for 501(c)(3) organizations)
- Salary Reduction Only 403(b) Plan
- Governmental 403(b) Plan
- Non-Electing 403(b) Church Plan (without retirement income accounts)
- Retirement Income Account 403(b) Church Plan
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.
For more information, please email sales@asc-net.com
- 457(b) Governmental
- 457(b) Tax Exempt
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