Design plan document
Maintain qualified status
Assign and oversee all other plan fiduciaries
Produce, maintain and follow an Investment Policy Statement (IPS)
Select and monitor an investment platform meeting ERISA “prudent person” standards
Review and document investment returns, fees, expenses and comparisons to peer group
Deposit contributions and submit payroll files for upload on a timely basis
Complete annual ownership and census verification for testing purposes
Oversee annual census reconciliation with Third Party Administrator (TPA)
Oversee and manage the annual Form 5500 filing process in conjunction with a TPA
Determine participant eligibility
Conduct enrollment and educational meetings
Administer participant loans
Verify termination dates and vesting, and send out participant termination packets
Administer distribution and rollover requests for terminated employees
Administer hardship withdrawals
Review and validate compliance testing
Send out enrollment packets, including summary plan description
Investment Alternative (QDIA) and annual participant fee disclosure
Sign initial paperwork agreement
Select customized plan design options to meet your business needs Ongoing duties
Periodically monitor the Program and any third parties managing administrative and fiduciary tasks to ensure plan provisions are being carefully administered
Complete your annual ownership and census verification for testing purposes
1. How much responsibility for “managing your own plan” do you really want?
2. How much of the plan liability do you want to keep?
3. Does it make sense to outsource, so you can focus more on your business and less on your 401(k)?
The right plan design is an essential part of meeting retirement goals for your business and your employees. This program allows you to customize a plan to help you do just that.
Standard eligibility is age 21 and one year of service, but you can work with the program's TPA to select an option that works best for your business.
Vesting refers to the portion of your employer match or profit-sharing account participants are entitled to keep upon termination. You can choose from several options for your plan.
Since the right design is so important, the program's TPA will work with you to determine the plan design that will help you reach your business and retirement goals.