Retirement Plan Administration: Precision & Expertise
Designing and implementing a retirement plan involves complex analytics, legal considerations, and actuarial expertise. Yet, even the most well-crafted plan requires professional administration to stay on course and deliver value. At PSI, our team of administrators, actuaries, accountants, and attorneys works collaboratively, ensuring that each plan is managed with precision and care.
Comprehensive Administration Services
Our third-party administrators rely on PSI’s extensive in-house resources to handle a variety of tasks essential for the effective management of each client’s retirement plan. Some of the key responsibilities we manage include:
- Generating financial statements
- Tracking deposits and withdrawals
- Documenting receivables
- Generating balance sheets
- Producing income statements
- Creating cash analyses
- Analyzing investments
- Reconciliation of W-2s
- Tracking employer deposits
- Communicating with in-house accountants
- Verifying accruals
Tailored Data Collection for Compliance
Each client has unique needs, and maintaining alignment with these demands requires close attention. Our census department collects and reviews annual data for compliance, including:
- K-1 income
- W-2 income
- Schedule C income
- Hours worked
- Birth dates
- Hire and rehire dates
- Termination dates
- Social Security numbers
- Marital status
- Legal officers and corporate owners
Ensuring Compliance and Optimal Performance
PSI also oversees comprehensive testing and compliance checks, such as Actual Deferral Percentage (ADP) and Actual Contribution Percentage (ACP) tests, non-discrimination screenings, and benefits statements. We assist with audits, manage corrections, and continuously monitor plans to stay aligned with regulatory requirements.
Financial Reporting and Account Management
Our accounting specialists are responsible for preparing financial and trust reports, tracking transactions, and ensuring deposits are accurately allocated. For plans with over 100 participants, PSI also provides auditor financial statements and conducts participant-level and plan-level accounting, ensuring accuracy on both cash and accrual bases.
Expert Administration from PSI’s ‘A’ Team
With our ‘A’ team of professionals managing every detail, PSI provides comprehensive, expert support for even the most sophisticated retirement plans. Call us today to discuss how your company could benefit from our administration expertise.