Our Services
Preferred Pension Planning Corporation provides a
complete range of services for all types of employee benefit plans
including Defined Benefit Plans, Defined Contribution Pension and
Profit Sharing Plans, 401(k) Plans, 403(b) Plans, 457 Plans, VEBAs,
Deferred Compensation Plans, and Section 125 (Cafeteria) Plans.
Our fees are based on the design of the plan and
the services we provide. Our services can vary greatly depending
on many factors, therefore we quote fees on a case-by-case basis.
Every client receives a Fee Quote and a complete Service Agreement
before work begins. The function of these documents is to define
our responsibilities and the responsibilities of the plan sponsor.
Listed below are some of the various services we
provide. This list will be customized to your plan design. Click
on a topic for a more detailed list of services.
Plan Design and Implementation
Selecting, customizing and implementing a plan can
be a complex process. Our professional staff will guide you
through each step of the process including:
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Review the employer's controlled group and/or
affiliated service group situation. |
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Design a plan tailored to meet the needs of
the owners, employees and the business itself. |
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If we are taking over a plan already in
existence, we will review the existing plan provisions and
recommend changes to fully meet the employer's goals and
objectives. |
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If you come to us with a plan that has
compliance violations, we will create Correction Packages to
be submitted to the IRS Voluntary Compliance Program (plan
document corrections) and the IRS Delinquent Filer Program
(Form 5500 corrections). |
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Prepare plan documents as required by the IRS. |
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Prepare the request for an IRS determination
letter, if applicable. |
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Prepare the Summary Plan Description that is
required to be distributed to plan participants. |
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Prepare customized enrollment and
administrative materials. |
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Conduct employee meetings to communicate the
provisions of the plan. |
Defined Contribution
Plan Recordkeeping and Administration
We perform the following services in order to
provide smooth and efficient plan operation:
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Calculate employee eligibility and plan entry. |
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Maintain participant vested percentage
records. |
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Process each payroll, allocating contributions
and loan payments according to the participant's investment
elections. |
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Process fund transfers in accordance with
participant elections. |
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Determine eligibility for allocation of
employer contributions and forfeitures. |
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Allocate employer and employee contributions. |
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Allocate plan earnings. |
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Allocate forfeitures, if applicable. |
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Distribution processing: Calculation of
distribution amount, preparation of required distribution
notices, release forms and IRS Form 1099-R. |
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Loan processing: Set up of loan accounts,
preparation of promissory note and amortization schedule and
tracking loan repayments. |
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Hardship withdrawal processing: Determination
of hardship distribution amount and preparation of application
forms. |
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Reconcile trust accounts. |
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Prepare customized participant statements. |
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Monitor participants who are required to
receive age 70 1/2 distributions. |
Defined Benefit Plan
Actuarial Services and Administration
Our professional staff has the expertise and
up-to-date technology to provide the necessary actuarial and
administrative assistance to manage your defined benefit plan:
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Calculate employee eligibility and plan entry. |
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Maintain participant vested percentage
records. |
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Determine eligibility to receive benefit
accrual. |
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Prepare annual actuarial report and
certification. |
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Actuarial determination of required employer
contributions. |
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Preparation of individual benefit statements. |
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Distribution processing: Calculation of
distribution amount, preparation of required distribution
notices, release forms and IRS Form 1099-R. |
Annual Compliance Testing
and Government Reporting
Our professional staff has the knowledge and
expertise to help keep your retirement plan in compliance with
federal laws and regulations. We provide the following services,
if applicable:
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Contribution deductibility calculations
(§404). |
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Annual additions testing (§415). |
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Top heavy testing (§416). |
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Coverage testing (§410(b)). |
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ADP/ACP testing (applicable to 401(k) plans). |
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Preparation of IRS Form 5500 and related
schedules. |
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Preparation of Summary Annual Report for
participants. |
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Preparation of appropriate PBGC form (for
defined benefit plans only). |
Consulting Services
We are happy to consult with you on any issues
that arise with respect to your qualified retirement plan. Some of
the consulting services we provide include:
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Study of the impact on benefits and
contributions of changes to the Plan design. |
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Preparation of an amendment to or restatement
of the Plan and Trust documents. |
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Preparation of a resolution adopting a
company' s action with respect to the plan. |
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Plan mergers and spinoffs. |
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Plan terminations. |
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Assist with IRS and DOL audits. |
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Conduct of special plan or participant benefit
studies or projections. |
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Preparation of reports for compliance with
FASB pension rules for company financial statements. |
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