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A Note To Our Clients: We know that you face many challenges in the operation and administration of your business. We want to commend you for all the hard work, dedication and commitment you show to your valued employees as you have developed a way to make it feasible to offer the benefit of a retirement plan. The incorporation of administering a retirement plan benefit into your daily tasks is not only challenging or time consuming, but confusing. Therefore, we are taking this opportunity to thank you for entrusting us with your plan administration and compliance needs.

We are always standing by to be of assistance!

Please visit the rest of the website to find updates in the pension industry, defined terms and other services that we offer.

Fund Families / Investment Companies that we work with.

Financial Advisor Referral Program

What are your responsibilities as a plan sponsor?

» Overall Plan Operation.
» Selecting a Plan Design that is best for meeting company's objectives.
» Preparing a written statement of plan's investment policy.
» Contracting with a Third Party Administrator (TPA) to provide record-keeping services, including measures needed to comply with Federal Qualification standards.
» Providing the TPA with complete and accurate employee data, including social security numbers, dates of birth, hire and termination of employment.
» Maintaining plan records in a place that will provide ready access, including plan documents, summary plan descriptions (SPD) and plan valuation reports provided by the TPA.
» Administering the plan in accordance with ERISA requirements and complying with TPA requests regarding same.
» Communicating the plan specifications to the employees. Distributing employee statements and IRS Filing information. Distributing of Summary Plan Descriptions. Answering employee questions.
» Making plan contributions on a timely basis and providing TPA with complete list of contributions with dates, amounts and check numbers.
» Keeping TPA informed as to investment strategy and any new investments, loans, etc. This is necessary for continued compliance with federal regulations. It is also necessary for avoidance of penalties and interest on PROHIBITED TRANSACTIONS.
» Providing TPA with annual information regarding insurance products purchased by the plan. This includes policy information, premiums paid, cash surrender values, Schedule A information and 1099's for the PS-58 costs. The insurance company should send this information to you. It must be forwarded to your TPA.
» Making distribution of Plan benefits as soon as possible after being advised by TPA of the need for such payments. Providing TPA with copies of all participant election forms, properly executed and dated. TPA will provide forms.
» Providing confirmation of benefit payments and tax deposits to TPA each year. Without this confirmation, required 1099's cannot be prepared.
» Securing a Fidelity Bond for the trust and provide complete copy of policy to TPA.
» Depositing tax withholdings by the 15th day of the month following a distribution.
» Depositing employee contributions in plan accounts immediately after each payroll period.
   


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