Plan Design and Implementation:
In deciding how to approach employee benefits, there are a number of internal corporate factors that serve to help shape plan design. Pension Financial Services looks at all things related to:
- Age of Company
- Tradition and History of Company Benefits
- Company Profitability
- Scarcity of Suitable Workers
In addition to corporate culture, the demographics of the workforce also impact program and plan design. In order for retirement plans to be effective, they must answer the needs of the population they are benefiting. The following areas of employee demographics must be incorporated into any thoughtful plan design:
- Average Length of Service
- Age and Education Level of Employees
- Gender and Marital Status of Employees
- Salary and Wage Structure
- The Nature of Existing Incentive Plans
- Employee Expectations
BACK TO TOP ^
Compliance:
Most plans must pass rigorous tests annually to ensure that the plans are not discriminatory and are of fair and equal benefit to all employees. When a plan fails a test, the sponsor may have to take corrective measures or be subject to fines. A consequence of failing a test and not correcting the failure could be plan disqualification.
These tests can include:- Coverage Tests
- Top Heavy Determination
- Limits
- General Nondiscrimination Testing
- ADP/ACP Tests
BACK TO TOP ^
Government Reporting:
Government reporting for a retirement plan includes:- Voluntary Correction Program (VCP) support
- IRS and DOL audits
- IRS determination letter requests
Plan Administration:
Plan administration for a retirement plan includes:- Form 5500 Preparation
- Summary Annual Report (SAR) preparation
- Allocation of plan contributions, earnings, and forfeitures
- Preparation of participant benefit statements
- Distribution processing
- Loan processing
- Trust account reconciliation
- Minimum required distribution monitoring
- Determination of benefit accruals
- Actuarial determination of employer contributions
- Other annual administration services
3 (16) Fiduciary Services
Are you too busy to focus on your retirement plan? Would your employees' time be better spent working on things other than your retirement plan? Could your company be more effective if someone else were handling the administrative functions of your retirement plan? And would you love it if someone else would take on nearly all of the fiduciary requirements and responsibilities?
Please click here to review our brochure about this amazing service.BACK TO TOP ^