We are a local firm that provides complete retirement plan services for small to mid-sized companies. We help design plans that offer benefits for both business owners and their employees.
Once the retirement plan is established, we work closely with each client in order to set up the necessary administrative structure to help the plan operate smoothly. Throughout the year, we are available to answer questions and assist with various administrative tasks.
Annually, we monitor plan participant contribution levels and perform all required compliance testing. In addition, we prepare annual employer reports, participant account statements, government filings and participant notices as appropriate for
our client’s plan.
Our goal is to provide high quality comprehensive consulting and administrative services for each of our clients.
PLAN DESIGN & CONSULTING
Initially, we are available to provide you with an analysis of various plan costs and benefits to help determine which plan(s) and features may meet your goals. We will then work with you to design the retirement plan best suited to your company's goals and employee needs.
If you have an existing retirement plan, we will review the plan provisions to determine if the plan features are still aligned with the goals of the business and tailored to provide the most salient benefits for its employees.
As appropriate, we are available to draft your plan using our Davis Moore & Associates prototype plan document and provide all items necessary to implement your plan, including required Summary Plan Description, participant notices and enrollment materials.
We provide plan amendments to our prototype document as required to keep your plan in compliance with changing pension laws. In addition, we will prepare plan amendments designed to implement changes in plan features as requested.
We offer education and training to your staff on how to best manage your retirement plan and perform ongoing operational tasks, including employee enrollment and payroll contribution deposits. We will review plan administrative practices to confirm that they follow and are consistent with plan documentation.
PLAN ADMINISTRATIVE SERVICES
Each year, we request an upload of your employee census data via our secure email link. Then we review and import your census file, including edit checks for incomplete data.
We determine each employee's eligibility to participate in the plan based on plan specifications. We next confirm whether the participant meets the minimum requirements to receive employer contributions, if any. We then allocate employee deferrals, employer contributions, forfeitures and earnings to participant accounts.
We provide annual trust reconciliation of all investment accounts, including reconciliation of contribution deposits to the original employee payroll records. Our administrative reports track and account for various contribution sources: 401(k) deferrals, Roth deferrals, employer matching, profit sharing and rollover.
We prepare an annual administrative report which includes employee census data, summary trust accounting, detailed individual account reconciliation, participant account reporting, participant account statements, compliance testing results and governmental filings.
Ongoing Participant Services:
Distribution Processing: Compute distribution amount due, prepare distribution forms, including required notices, process completed forms and prepare Forms 1099-R and 945.
Loan Processing: Provide loan application and prepare loan documents, including promissory note, amortization schedule and loan request form. Setup loan and track loan payments.
Hardship Withdrawal Processing: Determine amount available for hardship withdrawal and provide hardship notice and application.
Required Minimum Distribution (RMD) Processing: Calculate RMDs for participants
age 70 ½ or older.
We are also available to conduct periodic employee enrollment meetings.
ANNUAL COMPLIANCE SERVICES
Retirement plans require ongoing administrative oversight and annual compliance testing to meet federal laws and regulations. Many of the compliance tests that we perform on the plan annually are:
Maximum deductible employer contribution determined under IRC 404(a)
Top Heavy test calculated under IRC 416
Coverage testing in accordance with IRC 410(b)
Non Discrimination testing to ensure compliance under IRC 401(a)(4)
401(k) and 401(m) Discrimination testing, as applicable for 401(k) plans
In addition, we monitor the following individual participant limits:
Annual Contribution Limit determined in compliance with IRC 415
Annual Deferral Limit monitored in accordance with IRC 402(g)
Catch-Up Contributions limited under IRC 414(v)
Annual Compensation Limit capped under IRC 401(a)(17)
GOVERNMENT REPORTING & PARTICIPANT NOTICES
We prepare signature ready annual governmental reporting forms including:
Form 5500-SF (for small plans), OR
Form 5500 (for plans with 100 participants). Includes additional required Schedules and Audit assistance, as necessary.
We also prepare the Summary Annual Report for distribution to plan participants.
Annually, we assist with the plan’s required participant notices, which may include:
Participant fee disclosure
Safe Harbor Notice
We may provide the following forms to report participant distributions, as appropriate: