Our attorneys provide in-depth experience for clients regarding the design, administration and compliance for all types of qualified retirement plans, including 401(k), safe harbor, profit-sharing, money purchase, cash balance and defined benefit plans.
There are a seemingly infinite number of retirement plan options for employers, and Parmenter O’Toole works with each client to develop an individualized retirement plan that meets the needs of all participants. After choosing a plan design, we provide a comprehensive document service package, including adoption agreement, summary plan description, salary deferral election, beneficiary designation, distribution forms, etc.
Our attorneys also offer on-going personal assistance to plan administrators, trustees, managers and owners for all retirement plan transactions, including distributions, loans, hardship withdrawals, Qualified Domestic Relations Orders, etc.
Using Parmenter O'Toole’s retirement plan documents provides portability. If you choose to change investment entities, add investment entity options or change Third Party Administrators, you will not need to prepare new plan documents. Keeping the same document lessens the risk that plan provisions accidentally get changed.
We understand that you have options available regarding choosing a retirement plan document. Our job is to ensure that your documents are continually updated to reflect both changes in the law and changes in your operation of the plan – in order to ensure that your plan remains tax free. It is the goal of Parmenter O'Toole to provide the highest level of customer service, while at the same time recognizing the economic reality of the costs involved in maintaining a qualified retirement plan.
If you have a defined contribution retirement plan, such as a 401(k) or profit-sharing plan, a complete restatement of your plan documents is required by the Internal Revenue Service approximately every six years. If you fail to update your plan documents to be in compliance with current laws and regulations, the IRS has the right to disqualify your plan and declare all plan assets to be immediately taxable.
If you have any questions, would like more detail on your retirement planning options, or would like to discuss your current retirement plan design, please contact Adam Zuwerink at Parmenter O’Toole.