Plan Administration Service Provider Search and Recommendation - PTA will work with your retirement committee to establish essential selection criteria for conducting a search of 401(k) service providers based upon your organization’s service requirements and benefit resource needs. We will identify and screen potential service providers, benchmarking each according to the agreed upon selection criteria and score them accordingly. Depending upon the terms of our service agreement with you, we will then either: 1) make a recommendation to the retirement committee for it’s final decision, or, 2) we will assume authority over the decision and make the final selection for the benefit of the retirement committee, your organization and the Plan.
Plan Compliance Review - This service is offered as a one time service. Maintaining proper Plan documentation, reporting to various government agencies and disclosure to participants and beneficiaries is a function of required documents, forms, notices, communications, due dates and compliance regulations. Many these services are sometimes performed by the Third Party Administrator (TPA). Often though, either because of the volume of such notices and requirements or because of the scope of the TPA’s service contract and/or internal control procedures of the TPA, compliance issues routinely slip by unnoticed and unreported. We work with your benefits staff and the TPA to check your plan for performance of its regulatory documentation, compliance, disclosure and reporting requirements against a checklist of required compliance standards.
Oversight Management of Plan Administration & Compliance - This is an on-going service. PrimeTRUST Advisors will assist you in organizing and managing the many details associated with sponsoring a retirement plan. We will review your Plan documents, providers’ service contracts, recordkeeping reports, annual filings, auditor’s reports, fidelity bond coverage, compliance testing results, committee minutes and more. Upon review, we will identify areas for improvement and assist in implementation. In this role, PrimeTRUST Advisors will assist you working with your 401(k) service provider and custodian/trustee in the capacity of reviewing the periodic reports, resolving service inquiries, facilitating problem resolution, plan management and compliance reporting review, monitoring and general plan oversight.
404(c) Plan Compliance Review - For the sponsor of a 401(k) plan wishing to obtain the liability protections afforded by compliance with Section 404(c), it is important to understand that it is an all or nothing proposition. You either comply fully or not; there is no credit for partial compliance. This service is offered as either a one time service or a recurring annual service. There are more than 20 reporting and disclosure requirements related to 404(c) and PTA will help you benchmark your plan’s historical activities against the checklist of requirements.
Plan Fees and Expense Analysis - Many organization’s often feel the need to go through the time consuming process of periodically “shopping” their plan as a method of insuring their plan’s fees remain competitive to the market. As a time saving, one-time service, we will provide a factual analysis of your existing plan fee arrangements for its component parts, including trustee/custodial fees, record keeping fees and investment related fees. Our analysis will be based on information supplied by you and third party data bases. We will identify hidden fees and revenue sharing arrangements in order for you to determine the true costs of the plan, regardless of who is actually paying for it. Then we will benchmark your fees against market averages for plans of your size. This provides you with a great resource for negotiating fees in your favor. Additionally, it helps employers to satisfy one of their primary fiduciary duties which is to assure that plan fees and expenses are fair and reasonable.
Plan-Level Retirement Success Gap Analysis Report - We will gather your Plan’s participant census data and project for each employee the percentage chance of meeting a targeted retirement goal. We then aggregate the results and generate a report to provide you an indication as to how well the Plan is performing relative to meeting meaningful retirement objectives.