Benetrends has helped hundreds of businesses enjoy the benefits they deserve from their retirement plans
Because we specialize in the design and administration of retirement plans for small to mid-sized companies, we know how to structure a plan that:
- Is tailored to the specific needs of your company
- Matches the retirement plan rewards to the importance, risk and performance of various employees
- Helps shelter more money than ever before
We're with you every step of the way from the initial consultation with your personal plan analyst to plan implementation, monitoring, and management. You'll come to think of us the same way as you do your accountant, relying on us to handle all the details, from plan implementation to ongoing plan monitoring and administration.
Plan Design
Benetrends will guide you through the process of designing a customized plan:
- Review the employer ownership, affiliations, and controlled group structures
- Review employee demographics
- Analyze current plan revisions and provide recommended changes
- Aid in establishing contribution levels
- Determine employee eligibility guidelines
- Design a plan tailored to meet the needs of owners, employees, and the business
Comprehensive Plan Implementation & Monitoring
Based on your customized retirement plan, we'll provide everything you need to implement the plan, including preparation of the following:
- The plan document
- An IRS determination letter
- Summary plan description and other participant communication
- Enrollment materials
Once the plan is implemented, your personal retirement plan analyst will reassess the plan design on a regularly scheduled basis to recommend modifications, which will keep the plan up to date.
Complete Plan Management
Design and implementation of your plan is only as valuable as the plan administration — an area in which Benetrends excels. Our plan administrators will handle all the details for you, managing your plan on a quarter-to-quarter and year-to-year basis.
Quarterly administration includes:
- Reviewing year-to-date information to determine vesting, employment, and participation status
- Reviewing balances and vested balances
- Reconciling and balancing assets in the plan to participant account balances
- Running preliminary compliance testing
Annual administration includes the same as quarterly, with the addition of:
- Reconciling year-to-date census records with cumulative pay-period data
- Calculating and testing employer allocations, if applicable
- Complete testing of 401(k) and matching contributions, if applicable
- Completing IRS form 5500 for filing
- Coordinating with auditors for large plan filers
- Updating plan with all IRS-required plan amendments
- Making necessary corrections for failed compliance tests
- Filing forms 1099-R for distributions processed during the year
