SRI currently acts as the third party administrator and plan design consultant for Safe Harbor
401(k); Traditional 401(k); Profit Sharing, Money Purchase Pension and Defined Benefit Pension Plans. In addition SRI can incorporate features such as Tier/Rate Group allocations.
S.R.I. provides administrative consulting services to Employers for Defined Benefit Plans and Defined Contribution Plans.
S.R.I. will perform the following services:
- Request Plan Year-End Employee Census from Employer or Authorized Representative.
- Request Plan Year-End Trust accounting information from Employer or Authorized Representative.
- Advise Employer on Participant's eligibility, vesting and break-in-service status.
- Review coverage requirement under IRC Section 410.
- Review for Top Heavy status under IRC Section 416.
- Provide ongoing advice regarding technical changes for qualified plans, and advise Employer on revision and updating of Plan(s) when required to maintain qualified status.
- Prepare directives to Trustees, and advise the Trustees of pay-outs to terminated Participants as part of the Year-End administrative process.
- Monitor maximum benefit/annual addition limitation and aggregation rule, when applicable, under IRC Section 415.
- Provide Annual Benefit Statement and Summary Annual Report for each Plan Participant.
- Prepare on behalf of the Employer, the disclosure and annual reporting forms, as required, for the Internal Revenue Service (IRS), Department of Labor (DOL) and, if required, the Pension Benefit
Guaranty Corporation (PBGC).
- Prepare, at client's request, Form 1099R, and accompanying schedules and filings, for participants receiving distributions from trust assets.
Plan Design And Installation Services
S.R.I provides services for design, installation and amendment of Defined Benefit Plans and Defined Contribution Plans.
Following receipt of 50% retainer fee, S.R.I. will perform the following services:
- Review Employer/Plan Sponsor's goals and objectives, and design the appropriate provisions within the Plan.
- Prepare the following documents for the Employer/Plan Sponsor:
- Board of Director's Resolutions
- Plan and Trust Documents
- Plan and Trust Agreements
- Summary Plan Description (SPD)
- Notification of Interested Parties
- Prepare appropriate IRS and DOL submission documents.
- Submit Plan and supporting documents to the IRS for the purpose of obtaining an IRS Favorable Determination Letter.
- Preparation of any amendments requested by the IRS, necessary to obtain IRS approval.
- Prepare SPD's, Participant Enrollment and Designation of Beneficiary Forms. Employer/Plan Sponsor is to pay S.R.I. fifty percent (50%) of the Installation Fees at the time S.R.I. is retained,
with the balance due upon filing the Plan with the IRS, and customer receipt of invoice for services.
Plan Termination Services
S.R.I. provides Plan termination services to Employers for Defined Benefit Pension Plans and Defined Contribution Plans.
S.R.I. will perform the following:
- Prepare Board of Directors Resolutions for Termination of the Plan(s)
- Review Plan files to restructure historical data for compliance with governmental Plan Termination requirements.
- For Defined Benefit Plans; calculate distributable accrued benefits and advice Trustee of eligible participants.
- For Defined Benefit Plans; consolation with Trustee regarding Plan asset sufficiency.
- Prepare and submit appropriate documents to PBGC (when required) for purposes of obtaining Letter of Sufficiency.
- For Defined Contribution Plans; calculate distributable account balances and advise Trustee of eligible participants.
- Prepare and submit appropriate documents to IRS (when required) for purpose of obtaining Favorable Determination Letter upon Plan Termination.
- Respond to IRS and/or PBGC requests for additional information or clarification of submission.
- Prepare Directive to Trustee for final disposition of Trust assets.
- Prepare final series 5500 forms, indicating final and complete distribution of Trust assets.
- Prepare Form 1099-R for participants receiving asset distributions.