Prototype documents can generally be obtained only from the stock brokerage firm, insurance company, or bank handling the investment of your plan's assets. Often, in order to use one of these prototypes, you must agree to do all your plan's investing through the provider of the document. Another source for prototype documents is your attorney or benefit consultant. These persons often have another kind of prototype document called a pattern or practitioner plan. With a pattern or practitioner plan you still need to get the IRS to approve your plan document, but the process is much quicker because the IRS has reviewed and approved a great deal of the boilerplate language.
Most companies using prototype plan documents can avoid the recall.
The bad news about prototype and practitioner plan documents is that your choices for optional language are limited. Most prototypes will allow you to choose between only two or three optional items for a given plan provision. Examples of these limits can be found in distribution options, vesting, and eligibility to participate. Another problem is that your company may be prohibited from using a prototype because of provisions in your existing plan document. Some provisions in your plan may not be changeable.