What documentation should be maintained for a SEPP plan?
A. The safe course of action is to document the plan and all plan transactions. The starting point would be to reduce the terms of the plan to a written document that outlines all the details including the payment calculation method to be used, when payments are to commence and the frequency of the payments. There is a sample form on our side that can be used a guide. I would also keep copies of the account statements that were used to determine the initial payment and if any recalculation method is used, the statements for each recalculation. In addition I would also keep copies on the statements reflecting the transactions as they occur.
