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.
Amsterdam, has notified the Internal Revenue Service that it intends to apply to become a Section 403(b) prototype plan sponsor.
A master plan is distinguished from a prototype in that a master plan usually refers to a plan under which various employers use a single financial institution for funding, while a prototype plan generally does not commit the plan sponsor to use any particular funding institution or medium.
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.
It is also important to note that an amendment to a master plan, prototype plan, or volume submitter plan to permit the allocation of expenses authorized by the DOL Field Assistance Bulletin may cause the plan to cease to contain language identical to that which the IRS has previously approved for the entity issuing this type of plan document.
ArtsBusXpress organizers have put together a prototype plan that will enable other cities to develop similar programs under the ArtsBusXpress banner.
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).

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