TPA Services
Summit Benefit Solutions, Inc., offers an abundance of custom services to fit the needs of all employers, as well as individuals. Along with plan setup, we provide administration services including distributions, loans, plan amendments, testing and form filing to name a few. Our relationship–oriented structure allows us to focus on providing our clients with continual administrative support. Administrative services are as follows, but not limited to:
Day to Day Services:
- Field inquires from plan sponsors, financial advisors, and participants concerning the website, website access, distributions, loan processing and general retirement questions
- Reconcile cash
- Invest participant and employer contribution based on elections
- Help with payroll remittance
- Assist in plan design and implementation
- Make any necessary census information changes
- Calculate matching and non-elective contributions, if applicable
Quarterly Services:
- Review YTD census to determine vesting, employment status and eligibility
- Produce quarterly statements
- Rebalance allocations, if elected by participant
- Review participant accounts to ensure there are no variances
- Provide fi360 reporting (if applicable)
- Provide projected eligibility to plan sponsors
- Provide plan sponsors with Executive Summary
Annual Services:
- Calculate and test employer allocations (PS and Match)
- Complete testing of 401k (if applicable)
- Reconcile year-to-date records (plan)
- IRS 5500 filing
- Year-end Questionnaire
- YTD Participant Statements
- Summary Annual Reports
- Employee and plan sponsor annual meetings
- File 1099s
- Coordinate auditing services
- Ensure all plans are compliant