Benefit Plans Plus provides plan administration for all types of retirement plans including defined benefit and defined contribution plans. A detailed listing of the administrative functions is as follows:
- Prepare plan document along with related documents for execution.
- Coordinate enrollment and administration forms.
- Prepare summary plan description (SPD).
- Process current employee census and deferral data annually and provide enrollment forms for employees as they commence participation in the plan.
- Calculate the required contribution for plans subject to ERISA’s Minimum Funding Standard. Calculate the optimum contribution, or maximum deductible contribution for a profit sharing plan, including the determination of top-heavy minimum contribution, if applicable, matching contributions and any other discretionary contributions, including cross-tested contributions.
- Identify highly compensated employees and key employees.
- Test for compliance with the minimum coverage and participation requirements of Section 410(b) of the code annually.
- Test discrimination under section 401k and (m), if applicable.
- Test for compliance with annual compensation limits and test annual addition limits for each participant.
- Allocate discretionary contribution and forfeitures to participant accounts, if applicable.
- Maintain pending forfeitures and break-in-service records.
- Prepare annual employer valuation report, including trust balance sheet and trust income statement for plan administrator.
- Prepare annual participant statement, along with summary annual report (SAR).
- Prepare annual IRS reporting form 5500 along with all required schedules.
- Assist plan administrator in regard to qualified pre-retirement survivor annuity notices, elections, and spousal consents, if applicable.
- Provide required notices, elections and spousal consent forms for distributions as permitted under the plan.
- Calculate distributions (age 70 1/2, death benefits, etc.) and prepare form 1099-R and form 945.
- Meet regularly with plan administrator, trustee(s) and participants, if desired.
If you would like to receive more information, contact Patrick Shelton, GBA at 314.824.5252.