ERISA Plans
PlanConnect® provides a full array of plan administration services for defined contribution plans subject to ERISA. From fundamental tasks, such as recordkeeping, to more complex procedures, such as compliance monitoring and audit support, PlanConnect® provides you with the support you need and the flexibility to select only those services that make sense for your plan.
Helping You Maximize the Value of Your Defined Contribution ERISA Plan
Plans subject to ERISA have specific and stringent compliance requirements. For you—and your employees—to gain maximum value from your plan, the plan needs to not only adhere to these requirements, but also reflect the unique, specific needs of your organization. PlanConnect® knows this; it's how we approach plan administration. We work with you to design, maintain, and communicate an ERISA-compliant plan that works best for you and your employees.
| Key Administration Requirements Specific to Defined Contribution ERISA Plans |
| Plan Design — Avoiding Potential Compliance Issues Good compliance practices start with careful attention to a plans design and operating in accordance with the terms you have decided in your plan document. PlanConnect® has the regulatory expertise to help you with plan design issues and to keep you in compliance within your plan's operating rules. |
| Contributions - Facilitating and Tracking All Contributions Timely and accurate remittance of contributions is an important role of plan administration. In addition ERISA plans are required to perform nondiscrimination testing of employer contributions and, for some ERISA plans, employee contributions, too. PlanConnect® has the resources and technology to help simplify and streamline remittance of contributions and quickly and accurately perform nondiscrimination testing on employer and, if needed, employee contributions. We also monitor participant eligibility for and vesting of employer contributions. |
| Communications - Keeping Your Participants Informed "Annual Meaningful Notices" and a summary plan description (SPD), which describes the terms of your plan, must be provided to all participants. PlanConnect®'s robust employee communications can include the preparation and maintenance of SPDs for ERISA plans as well as other important notices. |
| Reporting - Complying with ERISA Filing Requirements Plan sponsors of ERISA plans could be subject to an annual audit, and must complete and submit an annual IRS Form 5500. PlanConnect®'s pro-active reporting services include the preparation of annual Form 5500s and also provide information and support for IRS and/or independent audits. |
