Defined
Contribution Plans
Consulting Services
IAI helps employers choose the right defined contribution plan and plan features
as well as aiding existing plan sponsors in making changes to their plans to
accommodate the employer’s changing needs. Consulting services include new (and
existing) plan studies that project the costs and benefits of a particular plan
type based on an employer’s current or projected workforce and compensation
package. For employers with existing plans, IAI can review your plan and often
suggest changes that will reduce the risk of costly operational or compliance
failures and increase the plan’s value to the employer and employees.
Plan Administration
Compliance and reporting requirements for tax-qualified retirement plans becomes
more complex each year. We help plan sponsors navigate these complicated
requirements by offering administrative services for all types of defined
contribution plans including: 401(k) and Roth 401(k) plans, profit sharing,
cross-tested, age-weighted, target benefit, and money purchase plans. We work
with plans that offer individual participant trust accounts, as well as pooled
accounts.
Annual administrative services include:
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Calculation of maximum deductions |
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Allocation of employer contributions (including “cross-tested” and
“age-weighted” allocations), forfeitures, and investment earnings |
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Compliance testing and correction for annual additions and deferral
limits |
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Non-discrimination testing |
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Calculation of each participant’s vested balance |
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Delivery of an annual report summarizing plan contributions and
allocations, testing results, and investments by participant |
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Preparation of Form 5500 (and related schedules), the Summary Annual
Report and annual or quarterly participant notices |
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Maintaining computer records of each participant’s cumulative status in
the plan |
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Preparation of Annual/Quarterly participant notices. |
