Build Your Plan (Cont) - Summit Wealth Group

please Confirm your organization's legal name

Your Organization's EIN

Fiscal year

Is this a new retirement plan, or updating an existing plan?

What is your payroll frequency and next pay date?

If the recordkeeper charges ongoing fees, who do you want to pay the fees?

When do you want the plan to begin?

What would you like the plan name to be?

Do you want to offer Roth contributions?

What will you use for the definition of compensation?

Do you want to exclude any compensation from the calculations (like bonuses, long-term disability, stipends, etc)?

Who will the plan cover?

Do you want to exclude any employees or classes of employees from being able to participate?

Do you want to include any eligibility requirements for participating in the plan?

Do you want a continuing participation requirement?

When can employees enter the plan?

Do you want to allow the church to make contributions to the plan?

If so, what type of church (employer) contributions do you want to allow?

Additionally, do you have a fixed contribution rate you want to use, or do you want to make it discretionary?

Lastly, do you want to have a vesting schedule?

Can employees take hardship distributions?

Can employees take loans?

If so, do you want to impose a maximum number of loans?

Do you want to allow in-service distributions at a certain age?

Do you want mandatory distributions?

Do you want to allow for housing distributions for clergy (tax-free up to a point)?

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