Retirement Plan Documents
Volume Submitter Plans
A Volume Submitter document offers employers a wide variety of plan
provisions allowed by law using language which has been reviewed by
the IRS. However, unlike the master or prototype plan which offers
only a few options, a volume submitter plan normally offers hundreds
of variations. Employers adopting a volume submitter plan should
obtain IRS approval of the plan as written for that employer.
A volume submitter plan offers a wide variety of plan provisions
allowed by law using language which has been reviewed by the IRS.
However, unlike the prototype plan which offers only a few options,
a volume submitter plan offers hundreds of variations. Employers
adopting a volume submitter plan should obtain IRS approval of the
plan as written for that employer. Even though the plan is
individually drafted, the fee charged by the IRS is the same as for
a nonstandardized prototype plan.
The employer has much greater flexibility with a volume submitter
plan than a prototype plan. The IRS permits employers to make
changes to the provisions previously reviewed, or add unique
provisions. Volume submitter plans are easy to work with because
they include only plan provisions applicable to the employer. Some
law firms may provide volume submitter plans for use by their
If an employer desires special provisions to meet its objectives, an
individually designed plan can be used. For example, an employer
that wants to provide maximum permitted discrimination in favor of
owners or highly compensated employees must adopt an individually
designed plan. This type of plan will cost more to establish, and
the employer will pay a higher fee to obtain IRS approval. However,
paying the higher fees will be worthwhile for these employers
because the plan will enable higher paid employees to receive larger
contributions than provided under a prototype plan.
provided for review and consideration only. Please consult legal and tax
practical advice pertaining to your business and personal situations.
This page was last reviewed and/or updated
Friday, July 03, 2015 05:22 PM