The administrative requirements vary from company to company but the majority of plan sponsors would benefit from a highly experienced administrator.
Sure, there are many plans that can probably do just fine with an automated - web
base administrative platform or staying within the somewhat narrow confines that
a system that handles thousand of plans requires. There are also plans that
really need an administrator that probably has 20 or more years of experience.
The key is to make sure your plan has the administrative talent required by your
situation.
| What we will look at... |
What we will need to perform this task... |
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Has your plan had testing problems in the past (money returned to highly compensated)?
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To go into real detail on this issue we need past ADP/ACP test results and census
data. For purposes of a general review we need answers to questions about
your employee base. |
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Your plan administration model- is the method of delivery suitable to your plan and
participant base |
Discription of the contribution and information transmittal process and the details
of how you interface with your third-party administrator (TPA). |
|
How much are you paying and it is reasonable? |
Copies of recent bills |
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Plan Design could you benefit from any plan design changes? |
A thorough look at this requires a copy of the plan document and plan adoption agreement.
|
Our basic review focuses primarily on administrative logistics - how you communicate
with your administrator, processed distributions and contributions, etc. Our
extensive review expands that focus to include your plan document and analysis of
past census, coverage tests and discrimination tests (ADP/ACP).