Services
Plan Design
Plan Documentation and Administrator Manual
Plan Platform Evaluation
Plan Administration
Compliance Testing
DOL Form 5500/Government Reporting
Consultation
Implementation and Enrollment Assistance
Plan Design
Prime Benefits begins every relationship with an in-person meeting to determine client goals and align a plan design to meet those goals. Working together with investment advisors, our administrators look for ways to enhance tax efficiencies and benefits for both the employer and employees. As your company changes, our administrators monitor your plan and will offer suggestions and modifications that keep your plan operating proficiently.
Plan Documentation and Administrator Manual
Using Relius software, Prime Benefits designs pre-approved and custom- tailored plan adoption agreements specifically for each client’s needs. Prime Benefits dismisses the “one size fits all” approach to retirement planning, defining success for each client down to the smallest detail. This legal document is the cornerstone of plan operations, helping guide the employer and employees. After designing a plan, clients receive an Administrator Manual which includes:
- Plan Document-Adoption Agreement
- Pre-Approved Volume Submitter Document, IRS Opinion Letter
- 403 (b) Volume Submitter Document
- Amendments/Summary of Material Modification
- SPD- Summary Plan Description
- Loan Policy
- Qualified Domestic Relation Procedures
- Manual Administrative Forms
- Glossary
- Administrative Calendar
- Contact Information
Platform Evaluation
After plan design and documentation, our administrators work to pair each client with an appropriate record keeper. Prime Benefits has relationships with several insurance providers and open-architecture platforms which offer different services and fees. Prime Benefits considers this matching process a crucial step, and works closely with its client to find the right fit.
Plan Administration
Prime Benefits provides the following administrative services:
- Annual Valuation Report
- 5500 Preparation and Filing on Behalf of the Sponsor directly to Department of Labor
- Discrimination Testing-ADP/ACP/415/401(a)(4)/410(b)/Top Heavy Testing
- Annual monitoring
- Regulatory Amendments
- Administrator Training and Support
- Participant Distribution and Vesting
- Hardship Distributions
- Qualified Domestic Relations Order (QDRO)
- Participant Loans
- Auditor Assistant for Large Plans
- Annual Profit Sharing and Match Calculation (including Cross Testing)
- Census Verification
- Forfeiture Allocation
Compliance Testing
One of the most important services a Third Party Administrator provides is compliance testing. The Department of Labor (DOL) and the Internal Revenue Service (IRS) require annual non-discrimination testing on all retirement plans to ensure uniform availability for employees, and make sure compliance with annual deferral and contribution limits were followed. The penalties for non-compliance with the DOL and IRS can be costly and result in plan failures and tax penalties. Prime Benefits guarantees that compliance testing is completed in a timely and accurate manner for any plans.
As such, Prime Benefits runs the following tests against each plan:
- Average Deferral Percentage (ADP) , Average Contribution Percentage (ACP)
- Top Heavy Test
- Minimum Coverage Test
- Employer Deductibility Test
- Maximum Contribution Limits (414 Limits)
DOL Form 5500/Government Reporting
All qualified plans are required to report Form 5500 to the Department of Labor and the Internal Revenue Service. These filings are submitted electronically and provide information about the plan and its operation. Prime Benefits prepares and files each client’s Form 5500 with the appropriate government office.
Consultation
Prime Benefits also provides consultative services to both employers and advisors. Our administrators can act as an intermediary between clients and the DOL or IRS. Having a knowledgeable TPA can help save thousands of dollars in fines that result from failed discrimination tests or late 5500 filings.
Implementation/Enrollment Assistance
Effective communication of a retirement plan’s benefits is essential to employee buy-in.
Prime Benefits assists the Plan Sponsor, usually the owner, during the implementation phase of the plan, by providing a successful plan timeline with all responsibilities documented. As needed, Prime Benefits can provide the following services to employees:
- On-site enrollment meetings
- Enrollments kits
- Employee individual counseling
- Online educational materials
- Online participant statements
- On-site administrator training