Plan Design and Implementation

  • Design a plan tailored to meet the needs of the owners, employees and the business itself
  • For takeover plans, 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 Summary Plan Description and other required participant notices to be distributed to plan participants
  • Conduct employee meetings to communicate the provisions of the plan   

Plan Recordkeeping and Administration

  • 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, if applicable
  • Allocate forfeitures, if applicable
  • Reconcile trust accounts
  • Prepare customized participant statements
  • Monitor participants who are required to receive age 70½ distributions
  • Obtain verification of contribution dates and amounts
  • Notify the Employer of the ERISA bonding requirement at the 10% level
  • Notify the Employer of the fact that it may be required to hire a certified public accountant to audit the plan and provide the required audited financial statements to the plan on a timely basis to be filed with the 5500 Annual Report

Annual Compliance Testing and Government Reporting

  • 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 IRS Form 8955-SSA
  • Preparation of Summary Annual Report for participants
  • Preparation of appropriate PBGC form (for defined benefit plans only)   

Participant Distributions & Loans

  • Processing of distributions on termination of employment, including hardship distributions, in-service distributions, Required Minimum Distributions
  • Calculate participant vesting
  • Preparation of distribution forms and tax disclosure forms, including Forms 1099R and 945
  • Coordination of distributions with investment provider
  • Preparation of participant loan documents
  • Participant loan maintenance

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