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Although profit-sharing retirement plans are a popular means of providing retirement income and a key factor in attracting and keeping high quality employees, they are subject to complicated regulations regarding who can participate and how much can be contributed.
The sample Employee Profit Sharing Plan illustrates the essential elements of a profit-sharing plan. You can use it as a starting point in evaluating whether to offer such a plan and in familiarizing yourself with the issues, thus saving time and money when consulting an attorney or other professional regarding the creation and administration of a plan.
The plan is intended as a sample, and not as a document that can be used, without modification, as your plan document. The regulations governing profit-sharing plans are complex; it is essential that you consult with an appropriate professional when developing a plan.
The file contains a 23-page document in rich text format (RTF) that is suitable for use with most word processing programs used in the Windows environment.
The sample plan illustrates the essential elements of a profit-sharing plan, including complete sections on:
Toolkit is providing these tools free of charge. Some of these forms contain technical language and create significant legal obligations. Do not use any form without first having an attorney review the form and determine that it is suitable for the purpose for which you intend it.