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:
- Discussing your needs and objectives and assisting you in offering the most appropriate retirement plan for your employees.
- Reviewing existing plan provisions and recommending changes that are advantageous to a plan sponsor or the plan participants.
- Performing feasibility studies relative to changes in plan provisions, etc.
- Analyzing controlled group and/or affiliated service group situations when applicable, and determining their impact upon a plan.
- Maximizing benefits for Owner and Key Employees.
- Optimizing plan effectiveness and efficiency.
- Preparing plan documents and amendments as required by the IRS or beneficial to the plan sponsor.
- Preparing the Summary Plan Description required for distribution to plan participants.
- Conducting employee meetings to communicate the provisions of the plan.
Defined Contribution/401(k) Plan Recordkeeping and Administration
We perform the following services in order to achieve smooth and efficient plan operation:
- Determine eligibility for allocation of employer contributions and forfeitures.
- Allocate employer and employee contributions.
- Allocate plan earnings.
- Allocate forfeitures, if applicable.
- Maintain participant vested percentage records.
- Prepare customized participant statements.
- Distribution processing: determination of the vested benefit, preparation of required distribution notices, release forms and preparation of IRS Form 1099-R.
- Loan Processing: Preparation of promissory note and amortization schedule and tracking loan repayments.
- Hardship withdrawal processing: Determination of hardship distribution amount and preparation of application.
- Monitor participants who are required to receive distributions upon attainment of age 70½.
Annual Compliance Testing and Government Reporting
Our professional staff has the knowledge and experience to help keep your retirement plan in compliance with federal laws and regulations and, should violations occur, we provide you with methods of correction:
- Contribution deductibility calculations (IRC Section 404).
- Annual additions testing (IRC Section 415).
- Top heavy testing (IRC Section 416).
- Coverage testing (IRC Section 410(b))
- ADP/ACP testing (applicable to 401(k) plans).
- Preparation of IRS Form 5500 and related schedules.
- Preparation of Summary Annual Report for distribution to participants.
- 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.
These are general services offered by the firm. Specific services for specific clients are available by agreement.