Services
Because we are a full service consulting and administration firm, partnering with us ensures that the needs of employer and employee will be met. We offer a full range of retirement plan services.
Plan Design and Implementation
Selecting, customizing and implementing a plan can be a complex process. Our professional staff 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.
- If we are taking over a plan already in existence, we will review the existing plan provisions and recommend changes to fully 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.
- Prepare customized enrollment and administrative materials.
Defined Contribution Plan Recordkeeping and Administration
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.
- Determine eligibility for allocation of employer contributions and forfeitures.
- Allocate employer and employee contributions.
- Allocate plan earnings.
- Allocate forfeitures, if applicable.
- Distribution: Calculation of distribution amount, preparation of required distribution notices, release forms and IRS Form 1099-R.
- Loan processing: Set up of loan accounts, preparation of promissory note and amortization schedule and tracking loan repayments.
- Hardship withdrawal processing: Determination of hardship distribution amount and preparation of application forms.
- Reconcile trust accounts.
- Prepare customized participant statements.
- Monitor participants who are required to receive age 70 ½ distributions.
Defined Benefit Plan Actuarial Services and Administration
Our professional staff has the expertise and up-to-date technology to provide the necessary actuarial and administrative assistance to manage your defined benefit plan:
- Calculate employee eligibility and plan entry.
- Maintain participant vested percentage records.
- Determine eligibility to receive benefit accrual.
- Prepare annual actuarial report and certification.
- Actuarial determination of required employer contributions.
- Preparation of individual benefit statements.
- Distribution processing: Calculation of distribution amount, preparation of required distribution notices, release forms and IRS Form 1099-R.
Annual Compliance Testing and Government Reporting
Our professional 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)).
- ADP/ACP testing (applicable to 401(k) plans).
- Preparation of IRS Form 5500 and related schedules.
- Preparation of Summary Annual Report for participants.
- Preparation of appropriate PBGC form (for defined benefit plans only).
Consulting Services
- Plan amendments, terminations and mergers.
- Assist with IRS and DOL audits.
- Provide assistance with plan design changes.
- Conduct special plan or participant benefit studies or projections.