FAQ: Retirement Plan Administration with Pension Services, Inc.
We’ve compiled some of the most frequently asked questions about retirement plan administration, compliance, and our specialized services. For additional information, please contact our team directly.
General Questions
Q1: What types of retirement plans does Pension Services, Inc. offer?
A: We offer various qualified retirement plans, including 401(k), profit-sharing, defined benefit, and cash balance plans, tailored to meet each client’s unique objectives.
Q2: Why choose a custom retirement plan over an off-the-shelf option?
A: Customized plans are specifically designed to align with your company’s goals and employee demographics, maximizing contributions and optimizing flexibility for long-term growth.
Q3: What is third-party administration (TPA) in retirement planning?
A: As a TPA, we handle the daily management, compliance, and reporting of your retirement plan, meeting IRS, DOL, and PBGC requirements for smooth, efficient operations.
Compliance and Regulation
Q4: How does Pension Services, Inc. help ensure plan compliance?
A: We provide comprehensive compliance testing, including ADP, ACP, and non-discrimination testing, and monitor legislative changes to keep your plan aligned with current regulations.
Q5: What if my plan falls out of compliance?
A: We offer support through the EPCRS program, using the SCP, VCP, or CAP options to restore compliance while minimizing penalties.
Q6: Do you provide audit support?
A: Yes, our CPAs and ERISA specialists offer full audit support, assisting with document preparation, inquiries, and any necessary corrections.
Plan Implementation and Design
Q7: What is involved in designing a retirement plan?
A: We conduct a feasibility study to assess employee demographics, tax implications, and contribution goals before designing a custom plan that meets regulatory and financial standards.
Q8: Can you help with transitioning from our current plan?
A: Yes, we facilitate plan takeovers and transitions, including data transfer and compliance checks, for a seamless changeover to your new retirement plan.
Q9: What is involved in terminating a retirement plan?
A: We guide clients through plan terminations, calculating final balances, processing distributions, and ensuring compliance with legal and regulatory requirements.
Employee Education and Communication
Q10: Do you offer employee education about retirement plans?
A: Yes, we provide educational seminars, webinars, and materials to help employees understand their benefits and encourage active participation.
Q11: How can I communicate plan updates to my employees?
A: We assist with ongoing communication, providing enrollment materials, benefit statements, and compliance updates to keep employees informed.
Account Access and Resources
Q12: How can I access my company’s retirement plan information online?
A: Plan sponsors can log in through our secure Sponsor Portal for access to plan documents, reports, and other resources. Contact our IT department for help with login credentials.
Q13: Can employees access their account information online?
A: Yes, we offer secure online access for employees to view their account details, contribution history, and investment options.
Fees and Services
Q14: How is Pension Services, Inc. compensated for its services?
A: We operate as a fee-for-service firm, with transparent fees based solely on the services provided—no commission sharing.
Q15: Are there additional fees for compliance corrections or audit support?
A: Additional fees may apply based on the scope and complexity of services required for compliance corrections or audit support. We provide a full cost breakdown before proceeding.