Participant Directed 401(k) Plan with insurance company or mutual fund company
All plan sponsors receive the following administrative services for their 401(k) plans:
All plan sponsors receive the following full service administration for their qualified plan
All plan sponsors receive the following administrative services for their 401(k) plans:
- Discuss the current plan design with the employer
- Review the current Plan Document and Summary Plan Description
- Determine eligibility of employees
- Prepare census information report which include hours worked, years of service, employee status, termination dates, vesting percentage, reconcile participant account balances by source of contribution (i.e. profit sharing, employer Safe Harbor, 401(k) employee elective deferral, employer matching, participant loans, rollover account, insurance cash value)
- Perform all IRS required discrimination testing
- Track vesting percentage of employee accounts
- Prepare income statement which includes statement of assets, employer contribution receivables, interest, dividends, and accrued income, plan expenses, benefit distributions and insurance premium payments
- Prepare signature ready governmental Form 5500 and related schedules
- Prepare participant beneficiary forms
- Prepare participant termination forms in accordance with the plan document
- Review plan documents for necessary amendments due to any recent changes in the tax law or plan operation and notify the employer
- Review plan specifications and I.R.S. changes due to indexing of limitations
- Continue client consultation throughout the plan year
- Prepare 1099 Form
- Prepare 1096 Transmittal
- Prepare Form 945
- Prepare Form 5558 Extension
- Loan Documents
- Hardship Withdrawal Form
- Special Participant Termination Form
All plan sponsors receive the following full service administration for their qualified plan
- Discuss the current plan design with the employer
- Review the current Plan Document and Summary Plan Description
- Determine eligibility of employees
- Prepare census information reports which include hours worked, years of service, employee status, termination dates, vesting percentage, participant account balances by source of contribution (i.e. profit sharing, employer Safe Harbor, 401(k) employee elective deferrals, employer matching, participant loans, rollover accounts, insurance cash values, projected normal retirement benefit, accrued benefit and present value of accrued benefit
- Perform all IRS required discrimination testing
- Prepare consolidated individual participant statements with vesting percentage
- Prepare income statement which includes statement of assets, employer receivables, interest, dividends, accrued income, realized gain/loss, unrealized gain/loss, plan expenses, benefit distributions and insurance premium payments
- Prepare signature ready governmental Form 5500 and related schedules, PBGC Forms if applicable
- Prepare participant beneficiary forms
- Prepare participant termination forms in accordance with the plan document
- Review plan documents for necessary amendments due to any recent changes in the tax law or plan operation and notify the employer
- Review plan specifications and I.R.S. changes due to indexing of limitations
- Continue client consultation throughout the plan year
- Coordinate distribution payouts of participant
- Prepare 1099 Form
- Prepare 1096 Transmittal
- Prepare Form 945
- Prepare Form 5558 Extension
- Loan Documents
- Hardship Withdrawal Forms
- Special Participant Termination Form