Plan Document

 

Definition
The document that provides the rules that governs the terms and conditions under which a retirement account is operated.
 
  • Employer sponsored plans generally have a Basic Plan Document, which provides an explanation of the terms and conditions under which the plan must operate, in order to remain in compliance with regulatory requirement
 
  • The plan document for IRAs is often referred to as the IRA Agreement, and is usually accompanied by the disclosure statement.
 
Referring Cite
 
Treas. Reg. 1.408-6, IRC § 401(a)
 
Additional Helpful Information
 
An employer that adopts a pre-approved prototype plan document, and makes changes to the underlying plan document may be considered to have adopted an individually designed plan depending on the changes made and subject to the amendment rules of an individually designed plan.