How efficiently your retirement plan operates directly affects its overall performance. We provide many administrative services to make your retirement plan more efficient and less time-consuming for you. Administering your plan can get complex at times, but you are responsible for making sure your plan is in compliance with federal regulations, including mandatory testing and reporting. Vaughan & Associates, Inc. can help you meet your responsibilities.
Although the employer has responsibility for the overall plan operation, we, as your third-party administrator (“TPA”), would handle many of these administrative functions.
Some of the major administrative requirements are:
- Plan design and documents, including IRS filings where required, and summary plan descriptions for employees
- Recordkeeping for individual participant accounts, tracked separately for different contribution types such as employee salary deferrals, employer match and profit sharing contributions
- Periodic participant account statements, and summary reports for the employer
- Participant loan processing (amortization schedules, security agreements, tracking of payments and outstanding balances, etc.)
- Participant distribution processing (vesting calculations, IRS 1099-R tax reporting forms, government-required notices, etc.)
- Discrimination testing (ADP, ACP, top heavy, coverage, etc.) and monitoring of contribution limits
- Annual Form 5500 filings