Retirement Plan Administration

The plan sponsor's role isn't plan administration, nor should it be. That's our job, along with ongoing assistance and advice for you, your staff and plan participants. And as plan stewards, BenefitWorkshas four primary objectives for administering your qualified retirement plan:

Accuracy. We apply the highest fiduciary and accounting standards to your plan to ensure consistent, accurate administration.

Timeliness. All participant reports, testing and government forms are fully prepared and delivered on schedule.

Simplicity. Communications and plan documents are clear and concise, and written in a language plan participants can understand.

Security. Your plan data is protected to assure privacy and data integrity through disaster recovery systems.

Technological Resources

BenefitWorks technology software gives participants internet access to daily account values, administrative forms and real time investment performance. Participants can also change investment selections, transfer dollars between investment choices, rebalance accounts and model loans.

Other Services

  • Maintaining an account for each participant, including sub-accounts for participant pre-tax contributions, after-tax Roth contributions, employer matching contributions, employer discretionary contributions, participant rollover contributions and participant loans.
  • Processing and allocation of employer and employee contributions.
  • Providing detailed quarterly reports to participants and the sponsoring employers to meet ERISA Act 404(c) requirements.
  • Performing all non-discrimination testing as required by the IRS Code.
  • Processing all participant distributions, including the IRS Special Tax Notice, distribution options, spousal consent requirements and IRS Form 1099-R preparation.
  • Preparing signature-ready annual IRS Form 5500 and applicable schedules for filing by the plan sponsor and assisting the independent accountant, if required (more than 100 participants).
  • Ensuring compliance with the current IRS Code and regulations.
  • Providing on-going assistance and advice to your staff and plan participants.