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- Allocations:
Record
contributions, earnings, forfeitures and rollovers; determine
investment fund allocations; allocate gains and losses in accordance
with the plan’s language.
Census: Collect
employee information from either the employer or their payroll company.
Update the information for existing employees and enter new employee
data.
 Compliance:
Prepare annual IRS Form 5500
with required attachments; prepare or provide information for IRS Forms
1099-R, 1096 and 945; monitor and review the plan’s top heavy status,
annual addition limits under IRC 415 ( c), coverage requirements under
IRC 410(b), salary deferral limits under IRC 402(g) and corporate
deductibility limits under IRC 404(a).
Consulting: Help
define the employer’s goals and objectives for retirement planning
purposes; help determine which type of plan will meet their goals and
objectives; review any existing plans and make suggestions and
recommendations for changes; assist with employee communication.
Contributions: Calculate
Profit Sharing or Matching contributions as requested by the employer;
advise of any required contributions due to the plan’s top heavy
status; advise the employer of any contributions that are in excess of
the allowable limits and recommend corrective action.
Deferrals: For
401(k) plans, tracking the elective deferrals paid to the plan on behalf
of each participant and if necessary tracking the investment allocations
of such deferrals.
Electronic Data Formats: Assisting
in establishing electronic formats that are compatible for both the
Employer and Retirement Plan Concepts & Services, Inc.; assisting in
electronic formats as required by the investment product company.
Eligibility: Determine
employee eligibility for participation in the plan and advise employer
when to enroll the eligible employees.
Forms: Prepare
an administrator’s notebook which contains the forms and notices
required to be given to participants either for enrollment into the plan
or to request benefits to be paid from the plan; provide the Summary
Plan Description as required by the Department of Labor.
Loans: Assist
in writing loan policies which are consistent with current law; prepare
all necessary and required paperwork for participants to take a loan
including amortization schedules, truth-in-lending statements and
promissory notes; track the repayment of loans and report outstanding
balances to the participants.
 Qualified
Domestic Relations Orders: Assist
in writing procedures for domestic relations orders; help determine
validity of orders received by the plan; provide the necessary and
required forms to process the order.
Reports: Provide
valuation reports periodically (quarterly, semi-annually or annually) as
requested by the employer; provide non-discrimination testing
periodically as requested by the employer; provide each participant with
a comprehensive certificate of their account as of each valuation
period; prepare the Summary Annual Report as required by law.
Terminations and Retirements: Calculate
the amount of benefit distributions; supply the necessary and required
forms in compliance with plan provisions; ensure that all forms are
properly executed including spousal consent if required; determine tax
withholding requirements; instruct trustee on how to make the benefit
payment; prepare IRS forms 1099-R, and 1096 as required and 945 if
requested.
Testing: Perform
annually the average deferral percentage (ADP) and the average
contribution percentage (ACP) tests and advise plan administrator of any
corrections that may need to be made; recommend options to plan
administrator to help avoid failing the tests in future plan years.
Trust Account: Calculate
the realized and unrealized earnings for the plan’s investments;
determine investment income and prepare a statement of assets and
liabilities for the plan.
Vesting: Maintain
years of service based on hours, or elapsed time as determined by the
plan document to calculate vesting, forfeitures, and breaks-in-service
Retirement Plan Concepts and Services, Inc.
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