TPA Services We Perform
Get to Know Each Other Initially
We talk, email. Get to know each other, see what is important to you, relate what we are trying to do for you.
You provide us with a full list of all employees: this and any other company you own or control - include your spouse even if not yet on payroll - don't be the one who says two years from now "By the way, I have this other company with twenty employees." We have a look at your existing plan(s) and make suggestions. We talk, and you/we decide on what you want for the plan. - perhaps you will choose to add a new plan. We prepare options, and discuss them further with you. Then we implement your choices. On-going, we discuss contributions with you and your accountant every year: we do our job regarding compliance and law changes: we suggest design changes as and when you want or we recommend.
Always. For. The. Here. And. Now.
Ongoing Annual Work - Contributions
We perform work for your ongoing contributions, much in September, December and January.
Your contributions include deferrals, catch up, matching, employer Profit Sharing, employer DB/CB.
Testing: ADP/ACP, top-heavy, annual maximums per person, employer maximum contributions, Safe Harbor.
We work with forfeitures and payouts to ex-employees.
Notices: We provide you with necessary notices to give to participants and others.
Always. For. The. Here. And. Now.
Ongoing Annual Work - Administration and Plan Documents
Other than contributions, our team performs many functions on your plan(s) spread throughout the twelve months of the year. We start with updating your plans to the new year, early in the year. We perform AFTAP calculations of our DB plans very early on (April and May 2023 for Dec 31, 2023), to make sure the funded ratio (ratio of assets to payout values) has the plan well-funded, as well as to determine the contribution range for the year. Typically, we are asked about November or December to give you estimates of your contributions for the year ending December 31. We prepare PBGC filings for DB Plans covered by the PBGC. We produce amendments to the plan, that either we are suggesting, or you want. We prepare, and file for all clients, form 5558 - an extension to 9 1/2 months, to allow you to file after the normal July 31 filing date, instead you can file on or before October 15. We ask for your December 31 asset and census data, sometimes repeatedly until you send it, then we examine it, then enter it, then do lots of calculations for you (the valuation).
We test the valuation for many items, and let you know if corrections are required. Then we prepare year-end work, form 5500, actuarial valuations, employee statements, comments, instructions - all the good stuff you need. We track the filing of your 5500 forms very carefully - for some clients, we have to send out several reminders.
Plan Documents:
We keep a library of your current and prior plan documents, should the IRS ever audit your plan(s). Very important, now that the IRS does not issue FDLs. We prepare amendments to your plans as required or desired.
Once every six years (and 2023 is such a year for DB and CB Plans), we completely restate your plan documents, as is required by law for every plan in the USA.
Always. For. The. Here. And. Now.
Preparing For Your Heirs - We Know You Will Never Croak, But Just In Case!
There is nothing worse, for us, than to be told a youngish client has died and there is no estate plan, no family trust, no description of beneficiaries.
We have beneficiary designations available for your retirement plan benefits. We send these out on request
You need to make, and constantly maintain, an estate plan, a family trust. Please, please, please.
If you want, we can refer you to experts for estate planning and wealth transfer services.
Your expert estate attorneys can help you transfer your wealth to your heirs under several scenarios - always minimize estate taxes. These experts can help you create family trusts just for your circumstances.
You will notice us asking you repetitively "Do you have an estate plan/family trust?"
Don't be that client, take care of business now.
Always. For. The. Here. And. Now.
You building your wealth is extremely important to us.
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