401(k) and Defined Benefit Plan Administration

Home | 401(k) and Defined Benefit Plan Administration

ADMINISTRATIVE RECORD-KEEPING TASKS

Review the census at year end and confirm all plan entrants

Calculate year-end employer contributions

Update participant vesting

Allocate forfeitures

Calculate 401(k) and 401(m) discrimination testing

Perform top heavy testing

Calculate IRC Section 415 annual addition limits for each participant

Calculate deductible contributions under IRC Section 404

Update cumulative records of employee contributions as required for hardship distributions

Reconcile plan contributions to employee census data

Analyze plan transactions in order to reconcile beginning-of-plan-year asset values to end-of-year values

Calculate company contributions for the Defined Benefit plan under IRC Section 412

Plan Trust Accounting for the Defined Benefit Plan

Combo Testing of 401(k) Profit Sharing & Defined Benefit Plan

Preparation of the AFTAP Certification (if necessary) for Defined Benefit Plan

Actuarial Valuation including form 5500- SB for Defined Benefit Plan

PLAN DOCUMENT, REPORTING AND DISCLOSURE TASKS

Provide Adoption Agreement, Plan Document and IRS Approval Letter along with supporting forms and documentation

Prepare Federal Form 5500-SF and required schedules

Provide a summary annual report to plan sponsor for distribution to the participants and beneficiaries receiving benefits

Provide an annual statement for the defined benefit plan to each eligible employee

DISTRIBUTIONS AND LOANS

Calculation of vested employer benefits

Calculation of plan distributions including Required Minimum Distributions

Calculation of loan amounts including amortization scheduless

Prepare and file 1099 forms for the plan distribution unless prepared by another provider

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