RESPONSIBILITIES


As the Third Party Administrator appointed by the Plan Sponsor, 401 Plans accepts the responsibility for the following:
  • Provide plan specification and design consulting.
  • Prepare plan & trust documents.
  • Provide employee notices and booklets.
  • Prepare and furnish sample corporate resolutions as needed.
  • Prepare and furnish IRS/DOL filings annually.
  • Handle all plan audits conducted by IRS or DOL.
  • Prepare Summary Plan Descriptions and Summary Annual Reports.
  • Determine and maintain record of employee status, compensation and contribution information.
  • Supply Plan Sponsor and Asset Managers with new entrant, contribution change, disbursement and forfeiture allocation information.
  • Calculate vested benefits for plan disbursements, determine forfeitures and furnish all disclosures and claim forms.
  • Prepare and furnish Forms 1099R & 1096 for plan distributions.
  • Prepare PBGC annual reports where applicable.
  • Test and monitor for participation, anti-discrimination, minimum benefit and contribution limitations.
  • Suggest alternative corrective actions, as needed, to maintain plan qualification.
  • Provide technical support regarding legislative changes, their impact on the plan, and provide recommendations for appropriate modifications, if necessary.
  • Prepare participant loan note, amortization schedule and withdrawal request.
  • For unallocated contracts, maintain individual trust account records.
Plan Sponsor/Administrator Responsibilities:

Your responsibilities as Plan Sponsor/Administrator are as follows:
  • Overall plan operation as set forth in the plan or trust documents.
  • Administer the plan in accordance with the plan document.
  • Provide the TPA with employee data (i.e. date of birth, date of hire, date of termination, social security number, compensation/wages, hours worked), contribution information and beneficiary designations.
  • Provide TPA with statement of assets.
  • Provide the TPA with any changes in the entity's structure for tax purposes; e.g. a corporation, partnership or sole proprietorship.
  • Provide the TPA with any changes in ownership and officers.
  • Provide the TPA with any changes in employer data (i.e. tax identification number, address).
  • Review plan document, Summary Plan Description and other plan documents with legal counsel.
  • Communicate to employees and distribute disclosure material.
  • Maintain all plan records provided.
  • Monitor trust investments and Asset Managers for maximum efficiency and results.
  • Obtain adequate bonding for Plan Fiduciaries.
Also see: PLANS