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 401(k) 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 reguarly with Plan Administrator, Trustee(s) and Participants, if desired.
If you would like to receive more information, contact Patrick Shelton, GBA at 314.983.1212.
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