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You need to read the plan document

plan documents

I once worked at a third-party administrator (TPA) that I joked that if you wanted to hide something from one of our plan administrators, you should put it in the plan document file (based on a Chris Rock joke).

 

It’s amazing how plan providers and their plan sponsor clients don’t know what’s in the plan document and that’s even when the plan has an index (as my Relius documents have). Taking a look at the terms of the plan document and matching up with what’s being done with the plan, goes a long way in curbing the potential of administrative errors. It’s a tedious process, but something that even if done annually, can avoid a lot of headaches later.

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