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401(k)
Platform For The Future
Professional
Administration Since 1939
- Daily
recordkeeping
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| Maintaining
accurate and timely participant accounting is the
backbone of our organization. We operate a variety
of systems in order to best fit the plan designs
offered by our clients. All of our
participant directed accounts are
maintained on Sungard's premier
recordkeeping system, Omniplus. Participant
records are maintained in units or shares of the
investment options they have selected to allow for
immediate updating of account balances.
Investment changes can be made directly by the
participant at any time. |
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- Communications
Saving
and Investing For Retirement:
An eight-page employee education brochure covering
retirement mathematics, social security,
investment basics and a risk
tolerance questionnaire coordinated with
investment strategy suggestions. The
brochure is pocketed and often serves as the main
coordination piece for other enrollment
materials.
Summary
of Plan Provisions:
A one-page
summary of major plan provisions
including eligibility, contribution limits,
distributions, hardship withdrawals, loan policy,
employer contributions and taxation.
Administrative
Forms:
A
full complement of customized enrollment and administrative forms.
Investment
Fact Sheets:
Fact sheets on each of the available mutual funds
will be provided. These will be obtained
from the fund sponsors, Morningstar or created
from reliable sources.
Determine
your own Risk
Profile.
- Compliance
Testing
Discrimination
Testing: ADP/ACP Testing is performed
annually with refunds calculated and distributed
within the required time frames.
IRC
415(c) limitations (2004-$41,000 indexed annually) 415 limits
are an annual limitation and are therefore
screened on an annual basis by the system. The procedure for testing
multiple plan limitations differs dependent upon
the type of second plan. For other defined
contribution plans, the annual additions for both
plans are combined in a separate routine external
to the recordkeeping system and tested using a
common 415 definition of compensation. The
system limits considered compensation for 415
limitations. Special consulting services can
be provided to clients which routinely have 415
issues. This service includes a projection
of 415 violations by participant based upon
projected retirement plan contributions.
Monitoring
of elective deferrals (402(g)). Monitored by
calendar year by the system; however, we do advise
client that the payroll should be the place to put
the limits.
Top-heavy
testing 416(c). Tested annually.
Identifying
HCE's 401(a)17.
Coverage
testing: 410(b).
- Plan
Documentation
We
administer plans under a variety of different
legal documents, and we provide both standardized
and non-standardized prototypes for review by your
legal counsel.
- Trust
Services
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| In
1963, Hand Benefits & Trust Company was
chartered under Texas banking laws with the goal
of providing efficient and economical trust
services for our clients' employee benefit
programs. |
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- 5500/Audit
Support
We
perform all nondiscrimination testing and monitor
all annual contribution limits. A
signature-ready IRS Form 5500 is provided for each
plan. While we cannot perform the annual
plan audit, we can provide your auditors with
certified trust accounting reports which should allow them
to limit the scope of their reviews.
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