After installation, a plan needs continuous supervision. RSG will provide the annual administration of the plan, determine newly eligible participants, allocate contributions, perform compliance testing, provide employer and participant reporting, manage maintenance of all plan records, submit annual IRS filings and communication with your accountant and trustee.
Plan administration reports, which can be produced annually or quarterly, may include the following:
- Preparation and distribution of data collection forms, allowing the company to furnish or update pertinent plan information, including the employee census and financial statements. This data may be provided electronically, via e-mail or through our computer-based data collection module.
- Reconciliation of employee census information and plan financial statements submitted by the company.
- Preparation of valuation reports, including a summary of major plan provisions, an employee census summary, a participant eligibility and exclusions summary, a summary of participant benefit calculations, a participant account summary and a plan financial statement.
- Preparation of valuation reports and individual employee benefit certificates. These reports are provided electronically and are available on the RSG website.
- Upon written notice of an employee status change, RSG will calculate the vested balance and provide necessary disclosure forms to the company for transmittal to the participant(s). A distribution statement and a Form 1099-R will be completed for each benefit distribution.
- Preparation of the special non-discrimination tests required by the IRS of all 401(k) plans.
- Monitor plan activity to ensure that “Key Employees” benefits are not greater than allowed by law.
- An annual plan compliance review to compare the written plan to actual plan operation and to the plan’s original goals and specific objectives.