Selecting, customizing, and implementing a plan can be complex. We will guide you through each step of the process, including:
- Review the employer’s controlled group and/or affiliated service group situation.
- Design a plan tailored to meet the needs of the owners, employees, and the business itself. We will not take a one-size-fits-all approach to your retirement plan.
- If we are taking over a plan already in existence, we will review the existing plan provisions and recommend any changes that may better meet the employer’s goals and objectives.
- Prepare plan documents as required by the IRS.
- Prepare the request for an IRS determination letter, if applicable.
- Prepare the Summary Plan Description that is required to be distributed to plan participants.
- Provide customized enrollment and administrative materials.
We perform the following services in order to provide smooth and efficient plan operation:
- Calculate employee eligibility and plan entry.
- Maintain participant vested percentage records.
- Submit contributions and loan payments for allocation to participants’ accounts
- Determine eligibility for allocation of employer contributions and forfeitures.
- Allocate employer contributions.
- Allocate forfeitures, if applicable.
- Distribution processing
- Loan processing
- Hardship withdrawal processing
- Reconcile trust accounts.
- Monitor participants who are required to receive age 72 distributions.
- Point of contact: We are available to assist both employers and employees with their questions and concerns regarding their retirement plan.
Annual Compliance Testing and Government Reporting
Our staff has the knowledge and expertise to help keep your retirement plan in compliance with federal laws and regulations and, should violations occur, provide you with methods of correction. We provide the following services, if applicable:
- Contribution deductibility calculations (§404).
- Annual additions testing (§415).
- Top-heavy testing (§416).
- Coverage testing (§410(b)).
- Discrimination testing (§401(a)(4)) General Test.
- ADP/ACP testing.
- Preparation of IRS Form 5500 and related schedules.
- Preparation of Summary Annual Report for participants.
Consulting Services
In addition to the above services, we can also help with:
- Plan amendments, terminations, and mergers.
- IRS and DOL audits.
- Custom plan design changes.
- Other fiduciary responsibilities.