A Tailored Solution For All Your Compliance Needs
We have a vast team of SMEs available to provide you and your Plan Sponsors with the many benefits of our dynamic Retirement Plan Compliance Services (RPCS). Our compliance team integrates as a supplement or extension of your own team to bridge knowledge gaps. We increase efficiency by outsourcing nuanced compliance activities (when applicable), maximizing flexibility, and minimizing costs by only using resources when you need them.
With our compliance services, clients experience savings via rightsized staffing and flexible costing models. We convert the plan data into our software, if desired, or our team can work with industry tools such as ASC and ftwilliam.com.
EI’s industry-leading knowledge of rapidly changing legislation and regulatory requirements ensures that all your compliance needs are met. We provide responsive customer service dedicated to all plan compliance and document-related questions from Plan Sponsors, while you retain control over your compliance activities since we use your recordkeeping and document repository systems. This service includes our commitment to response time SLAs and all customer service protocols.
Our RPCS Team is available to answer your compliance questions anytime.
Plan Document Services
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Plan Amendment requests from Plan Sponsors
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Interim Amendments required by the IRS
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Adoption agreement changes to products or services
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New plan onboarding and plan design
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Restatements
Compliance Testing
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ADP/ACP Testing: current or prior year method
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Determine HCEs for testing
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415 Limit Testing: calculate annual addition for all employees
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Top Heavy Testing: ensure key employee plan assets do not surpass IRS limits
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Recommendations for further action based on test results and assist the Plan Sponsor with corrective action
Government Form Filing
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Gather data to complete Form 5500 and related schedules
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Validate financial information and census data
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Reconcile the Plan balance data against trust data
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Review IRS guidance on annual filings and make needed updates accordingly
Audit & Operational Support
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Support the Plan Sponsor during audits (regulatory or internal): run reports, review data, and required research
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Ensure adherence to the Plan document and legislation
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Software updates and enhancements
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Project management of annual compliance milestones
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Annual RMD calculations (if needed outside of RK system)
Connect With Us
Case Study: Plan Restatement Project
We created and sent nearly 8,500 plan restatement packages to signers ahead of the Cycle 3 deadline for this recordkeeping Client.
Plan Amendments Survey Results & Analysis
Our October 2022 issue of The Iron Chronicles included a survey aimed at better understanding how recent legislative changes have impacted our industry. In that survey, our clients shared their thoughts and challenges in keeping their plan documents compliant throughout the recent regulatory upheaval. We also hosted a panel discussion last Fall at the SPARK Forum 2022 in Palm Beach.
Cycle 3 Restatements
Many of our clients and respondents work with both pre-approved and individually designed documents; each of which comes with a specific set of challenges. However, most of their business uses pre-approved 401(k) and 401(a) plan documents, which were subject to the Cycle 3 Restatement due on July 31, 2022…
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