Case Studies

Case Study for Retirement Plans

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Industry Experts

A client of ours was purchased by a global leader in their industry. Summit uncovered that there was a control group relationship that required specialized testing. Their current vendor could not perform this testing as they did not maintain both of the Plans (our client and the purchaser) on their system. Summit also discovered that the client was making a profit sharing contribution to the Plan that was not in terms of their Plan document. Also, since the profit sharing contribution was provided to highly compensated employees, there was not only failure to abide by the terms of the Plan document, but also an overall qualification issue as an aggregate 410(b) coverage test was not being performed. Summit assisted the client in designing a plan to meet their goals of providing profit sharing plan contributions by excluding highly compensated employees as well as performed the aggregate 410(b) coverage test to ensure that both Plans could remain independent.

The preceding are hypothetical case studies and are for illustrative purposes only. Actual performance and results will vary. These studies do not represent actual clients but a hypothetical composite of various client experiences and issues. Any resemblance to actual people or situations is purely coincidental.