Plan Administration
Administering your new retirement plan is a difficult process, there are many pitfalls that require attention to detail. Here's a small list of the essential services that we provide.
- Establish Qualified Plan Documents
- Enroll Employees
- Process Plan Contributions
- Prepare Participant Vesting Statements
- Prepare Annual Nondiscrimination Testing
- Prepare Annual Tax Returns
- Process Plan Distributions
- And much more...
Plan Takeover
Many plans originally set up by Employers on the advice of their broker and/or payroll company turn out to be lacking many key features of a well thought out retirement plan. As such, we move a large amount of retirement plans to our platform every year. Although the takeover process is a little more time consuming, it is not a difficult task. Generally the process is as follows:
- Review Existing Plan
- Update Plan Document to Add/Subtract Features
- Complete Schwab Account Applications
- Notify Employees of Change
- Notify Old Recordkeeper of Change
- Audit Existing Plan
- Setup Web Portal
- Upload Updated Plan Documents to Web Portal
- Credit Employee's funds to account
- Employees Enroll via Web Portal
- Employer submits payroll