A Newly Expanded Document Suite Provides Flexibility and Growth Opportunities for Document Sponsors
At Ascensus, we understand what financial organizations need in their retirement plan documents today. Our clients want flexible, easy-to-use forms and documents, and they also need to trust that these documents are accurate and updated when IRS or legislative regulations inevitably change.
Ascensus brings more than 40 years of document sponsorship experience to its document suite offerings. Our plan documents are created and reviewed by one of the nation’s largest ERISA teams and co-created with actuarial, industry, and plan design experts across our unified organization. Employers choose our plan documents because they can streamline their retirement plan administration.
We are excited about the opportunities for our clients that lie ahead in 2024. For years Ascensus has provided a full range of defined contribution plans—including 401(k) profit sharing, money purchase pension, and individual 401(k) plans. Last year we expanded our document suite and will further expand in 2024.
2023 Additions
In 2023, we were thrilled to add defined benefit, cash balance, and solo defined benefit plans to our document suite. The solo defined benefit plan offers a streamlined approach for owner-only entities and is a unique offering in the plan document marketplace.
New 2024 Additions
We are expanding our document suite again in 2024 to include a full suite of preapproved 403(b) plan documents—including ERISA, nonERISA, and retirement income account (RIA) alternatives. These plan documents will be ready for the Cycle 2 restatement period starting in 2025.
Our expanded document suite also will include all-new 457(b) plan documents for tax-exempt, 501(c)(3), and governmental entities.
Together, our 403(b) and 457(b) plan documents offer a full selection of plan alternatives for employers in the 501(c)(3) and governmental marketplace.
Other Document Suite Features
Ancillary Forms
Our plan document suite includes operational and ancillary forms that document sponsors and their employer plan sponsors need to administer these plans. Examples of these forms include participant notices and disclosures, enrollment and beneficiary designations, distributions and loans, and ERISA Sec. 404(c) notices.
Plan Amendments
As retirement plan rules change, our document sponsors automatically receive amendments to the Ascensus plan documents. These amendments include materials for communicating the changes to employer plan sponsors and the affected plan participants.
SECURE 2.0 Amendments and Cycle 4 Restatement
Our seasoned ERISA drafting team is prepared to tackle SECURE 2.0 amendments and ready to apply a practical approach to adding these provisions to our full suite of plan documents. In addition, drafting of defined contribution plan documents for the Cycle 4 restatement period is underway. These plan documents will be ready for document sponsors to submit by the upcoming January 2025 deadline.
Your Documents Your Way
Ascensus documents are available through our Plan Adoption System (PAS), a state-of-the-art online application that includes plan wizards to guide users for an efficient and compliant document drafting process. Other PAS features include mass import and export of plan data, production of safe harbor and annual notices, and much more.
Alternatively, Ascensus documents are available through a copyright license to be generated on demand.
Additional Ascensus Documents
Ascensus’ Wrangle team provides customized wrap documents for health and benefit plans. Documents and summary plan descriptions are also provided for Health FSAs and HRAs along with cafeteria plan documents for premium only plans. Wrangle supports other compliance needs—including preparation of IRS Form 5500 and summary annual reports for benefit plans, nondiscrimination testing, and consulting.
We also offer individual 403(b) plan documents, including 403(b)(7) custodial account agreements and 403(b)(1) annuity endorsements.
Other Support Items
Our services don’t end with the documents. Ascensus also offers support.
Mailing Services: Make your amendment and restatement requirements easier by letting us send the necessary materials for you.
800 Consulting: Answer difficult questions as they arise with unlimited telephone access to Ascensus’ ERISA attorneys, CPAs, and other credentials consultants.
Compliance Reviews: Avoid costly IRS penalties and gain peace of mind with an on-site review of your forms, documents, policies, and procedures.
Training and Education: Deliver staff education on your terms. Our courses span a wide range of retirement and savings plan topics and delivery formats, so you can choose the solution that best suits your organization’s training goals.
Document Compliance Services: Let Ascensus be your total outsource solution where we take on document sponsorship responsibilities for both your current and future clients.
Let Ascensus Do the Heavy Lifting for You
We understand that document sponsorship responsibilities can be challenging. We’ve got your back. In 2024, our catalog will expand its reach within the retirement industry to more employer plan sponsors than ever before and that means more opportunities for you. No matter the plan, we have a document to support you. In addition, we are here to support you as you navigate changing regulations and the prospect of offering new plan types. Let’s start the conversation now as we prepare for SECURE 2.0 Act amendments and the start of Cycle 4 restatements. Contact your Ascensus sales representative to learn more.
