Prototype plan

Prototype plan

A qualified retirement plan sponsored by a financial institution. It may be adopted by executing a written agreement. A prototype is generally more flexible than the IRS Form 5305 or 5305-A and may have additional special features. Also called a master pension plan.

Master Pension Plan

A retirement plan designed by a bank or other financial institution. When creating or updating employee benefits for a company, an employer may look at a master pension plan and adapt it to the company's individual needs. It is also called a prototype plan.
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Under this type of program, the state develops and administers a prototype plan similar to those traditionally developed by financial institutions.
The prototype plan also would have prevented the spotted owl from becoming listed as an endangered species.
In spring 2009, ING was one of the first to notify the IRS of its intent to become a prototype plan sponsor.
Simplified Plan Documents - USERSPs would use a government approved prototype plan document.
He performed duties that included managing construction of projects, prototype plan development, budget and schedule development, financial tracking and project closeout, managing a variety of projects simultaneously, in New Jersey and Massachusetts.
If a prototype plan is not tax qualified, then significant tax sanctions are generally applicable and may be imposed by the IRS against the employer, the plan's trust and the plan participants.
BP: This is a very handsome new skin, which covers the standard Sunrise prototype plan.
Horton include a change in federal law that would allow the insurance industry to provide prototype plan coverage free of the encumbrance of state mandates.
The contractor will define a proof-of-concept prototype plan and demonstrate risk mitigation steps and critical functional aspects of the concept (Concept Definition, CLIN 0001).
Adopting an approved prototype plan ensures that an employer will satisfy written requirements and mitigates the risks of plan disqualification," said James Mullery, senior vice president and head of the 403(b) market at AXA Equitable.
Notice 2000--3 indicates that a simplified amendment to accomplish this result will be available under the master and prototype plan document program.
Retirement Services (ING), a leading provider of K-12 and higher education 403(b) retirement plan products and services through its constituent companies since 1967, has notified the IRS of its intention to file an opinion letter application as a Section 403(b) prototype plan sponsor.

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