It’s complicated may be a popular phrase, but it’s especially true in the business world. From companies that manufacture shoes overseas to those collecting satellite data, complexities abound in today’s industries.
PSI Specializes in Retirement Plans
Retirement planning is particularly complex, as decades of organically developed laws and regulations have created a web of sometimes overlapping, sometimes conflicting rules. Thousands of regulations—federal, state, and local—oversee the design and administration of retirement plans, and it takes expertise to navigate them effectively.
At PSI, we’re proud of our proficiency in this area. With a skilled team of accountants, actuaries, administrators, and attorneys (our ‘A’ team), we handle compliance testing and regulatory adherence so clients can focus on their core business.
Compliance Expertise: What We Manage
Our team provides crucial support in dealing with the IRS, Department of Labor, Pension Benefit Guaranty Corporation, and Departamento Haciendo regulations to minimize penalties and administrative burdens.
Key Compliance Tests We Administer:
- General Testing: Ensuring benefits for top executives are actuarially balanced according to Internal Revenue Code (IRC) standards
- Minimum Distribution Requirements: Confirming participants receive the appropriate annual distributions
- Maximum Compensation Rules: Verifying distributions remain within legal limits
- Average Deferral Percentages: Ensuring 401(k) contributions by highly compensated employees meet specific compliance ratios
These are just a sampling of the stringent, often overlapping regulations our team monitors. When compliance issues arise, our specialists swiftly address and adjust the plan to reestablish regulatory adherence, protecting both the corporation and its participants.
PSI’s Commitment to Regulatory Vigilance
Our ‘A’ team is constantly monitoring regulatory changes, making necessary adjustments to keep clients’ retirement plans compliant. From minimum distribution requirements to average deferral percentage and maximum profit-sharing contributions, we handle each detail with precision.
Our knowledge of the IRS tax code allows us to optimize tax benefits for clients, adjusting plans as regulations evolve. At PSI, compliance and tax efficiency are cornerstones of our service.
At PSI, retirement planning isn’t a sideline—it’s our expertise, backed by a dedicated ‘A’ team ready to support your goals.