Third Party Retirement Plan Administrators

Employer Retirement Plan Consulting

Read retirement plan documents
Knowledgeable advisement of retirement plan provisions
Provide preliminary audit testing during the year to prevent the inconvenience and cost of year end failed tests
Provide recommendations to remedy any failed testing

Be available for employee enrollment meetings as needed to describe the plan’s provisions and maintain or increase employee participation

Meet with Employer periodically to review the Plan, any issues, any new or proposed changes in legislation, any changes in Employer business or demographics that could affect the Plan, etc. A local third party administrator can provide this type of hands on administration and knowledge of an employer’s plan that is not easily accomplished via long distance.

Verify required retirement plan amendments and notices are prepared and provided
Verify and maintain census information on all employees
Verify that compensation as defined by the Plan has been provided
Verify all employee contributions (and loan payments, if any) and their timely deposit to the Plan in compliance with DOL regulations
Determine employee eligibility to participate in the Plan
Determine Earned Income for unincorporated business owners

Allocate any employer contributions (match, profit sharing, pension) pursuant to the Plan’s provisions
Determine and allocate any forfeitures pursuant to the Plan’s provisions
Reconcile the plan assets, and prepare plan financial statements
Determine vesting service credit
Calculate any required minimum distribution
Confirm the adequacy of the ERISA fidelity bond
Prepare Form 5500 and Schedules

Determine availability of participant loan: prepare promissory note; set up amortization schedule; monitor for timely payment
Determine availability of hardship withdrawal
Assist with the required distribution forms and processing of benefit payments

Auditing tests for nondiscrimination and statutory limits:
Determine highly compensated employee | key employee
Determination of a controlled group status
401(k) ADP | 401(m) ACP discrimination tests
410(b) coverage test
415 annual additions limit
402(g) limit
404 deduction limit
401(a)(17) compensation limit | 401(a)(4) nondiscrimination testing
Permitted disparity audits and top heavy testing
Audit availability of benefits, rights and features
Assist with Plan audit, either with outside independent auditors or IRS/DOL auditors