Comprehensive Plan Administration and Compliance

Solutions

Continuous monitoring, maintenance, and regulatory compliance are critical to the success of your retirement plan and each should be an essential component of your plan’s administration. The IRS and DOL each have a set of regulations with which your plan must comply, and failing to do so can have significant consequences, including a loss of tax- qualified status, costly fines and penalties, or even personal liability. For this reason, it is especially important for plan sponsors to partner with an employee benefit consultant, that is able to monitor the ever-changing regulatory landscape. At Guaranteed Pension Service, we go beyond just monitoring new regulations; we add value by seeking proactive solutions that will enable our clients to comply with changing requirements in the most cost- and tax-efficient manner possible. We research processes and build templates so that by the time a proposed rule becomes reality, we are ready to help you meet your plan’s regulatory requirements with as minimal impact as possible. We consider the interaction between the IRS and DOL’s regulations and seek creative solutions to maximize tax-deferred contribution opportunities for plan sponsors and their employees. Through personal attention and technical knowledge of the IRS and DOL regulations, we can work together to find the best compliance and administration solutions for you and your plan. Retirement Plan Partner Selection Retirement plan sponsors and fiduciaries have duties under ERISA, which requires the fees being charged to participants, such as 401(k) investment and administration fees, be known, approved, and at all times reasonable. One way to demonstrate due diligence under ERISA is by going through vendor selection. Guaranteed Pension Service works with our client’s attorneys, accountants and financial advisors to help perform the due diligence you need to fulfill your fiduciary responsibilities as defined by ERISA. Ensure your retirement plan administration satisfies IRS and DOL rules As part of our administration services we complete the annual discrimination testing to ensure that elements like employer contributions, coverage, and salary deferrals satisfy the relevant Internal Revenue Service and Department of Labor rules. No matter which retirement plan your organization uses, we will ensure that it complies with the numerous requirements outlined by the Internal Revenue Code and/or ERISA.  You can depend on us to supply you with the mandated employee communications about the retirement plan services and a process for plan contribution allocation. Documenting the selection process so you can answer questions from the Department of Labor Most importantly, Guaranteed Pension Service will memorialize a proven selection process so that you will be able to answer questions from the Department of Labor regarding your fiduciary due diligence under ERISA. Questions like: • What criteria are used to select the advisors, providers, administrators, and underlying investments? • How are advisors, providers, and administrators being paid? • What fee-sharing arrangements or reimbursement relationships exist between the investment companies and your advisors, providers, and administrators? • What services are the participants or you paying for? • How do you monitor the reasonableness of the fees being charged? • What documentation exists supporting your vendor selection conclusions? Besides meeting the ERISA requirements for higher levels of transparency, adequate due diligence, and procedural prudence, Guaranteed Pension Service’s will continue to work with your chosen vendors and financial advisors to meet the established objectives you’ve set for your plan(s).