401(k) and Defined Benefit Plan Administration
- 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
- 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
- Calculation of vested employer benefits
- Calculation of plan distributions including Required Minimum Distributions
- Calculation of loan amounts including amortization schedules
- Prepare and file 1099 forms for the plan distribution unless prepared by another provider
