Retirement plans are setup and governed by what is known as a “Plan Document.” The plan document simply outlines the framework for how the plan will function and how employees will participate. There are many sections in this document and it’s easy to get confused, so below is an outline of the most significant parts and what you’ll need to answer in order to tailor the plan to your Association:
How do you want your employees to benefit from the retirement plan?
Not unlike other benefits you can offer to an employee, you start designing a retirement plan by detailing the “eligibility criteria” that needs to be met to allow your employees to participate. Things such as age, minimum required hours, any waiting period before they can start saving, are some of the components to this. The goal is to make the plan as favorable to employees as you can so that they can experience its value early in employment.