Annual Administration
Third Party 401k Administration involves completing the yearly tasks required to keep a Plan in compliance with ERISA regulations. With SPS, your Plan is assigned an administrator and senior level administrator who get to know you and your Plan inside & out over time. We know call centers and chat systems will never deliver the same level of care as a personal consultant you know and trust. Our services are subject to strict Time Standards, so you know when to expect their completion. We provide:
- Annual nondiscrimination and compliance testing
- Year end contribution calculations
- Signature-ready 5500 preparation and SAR
- Participant notices
- Plan document services to keep your Plan in compliance
Recordkeeping Services
Recordkeeping is an accounting of each source in a plan (e.g. salary deferral, match, profit sharing). Contributions/withdrawals and gains/losses attributable to each source must be accounted for throughout a plan year. Since the treatment of each source may vary based on the provision of a plan, recordkeeping is required to keep plans in compliance. The custodian investment company will provide the recordkeeping services for most plans. However, if your Plan utilizes self-directed brokerage or pooled accounts with a discount or retail brokerage firm which does not provide recordkeeping services, SPS can provide this service for your plan. We offer:
- Annual recordkeeping by source
- Participant Statements
- Loan balance accounting
