Defined Contribution Plan Recordkeeping and Administration

We perform the following services in order to provide for smooth and efficient plan operation:

  • Calculate employee eligibility and plan entry.

  • Maintain participant vested percentage records.

  • Process each payroll, allocating contributions and loan payments according to the participant’s investment elections.

  • Process fund transfers in accordance with participant elections.

  • Determine eligibility for allocation of employer contributions and forfeitures.

  • Allocate employer and employee contributions.

  • Allocate plan earnings.

  • Allocate forfeitures, if applicable.

  • Distribution processing: Calculation of distribution amount, preparation of required distribution notices, release forms and IRS Form 1099-R.

  • Loan processing: Set up of loan accounts, preparation of promissory note and amortization schedule and tracking loan repayments.

  • Hardship withdrawal processing: Determination of hardship distribution amount and preparation of application forms.

  • Reconcile trust accounts.

  • Prepare customized participant statements.

  • Monitor participants who are required to receive age 70½ distributions.