401K TPA Service

  • Compliance and Plan Administration

    What should we know about the services you provide? Better descriptions result in more sales.

  • Recordkeeping Operations

    What should we know about the services you provide? Better descriptions result in more sales.

  • Plan Document

    What should we know about the services you provide? Better descriptions result in more sales.

  • Conversion and Deconversion

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  • Client Service

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  • Assisted Payroll

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Compliance & Plan Administration Service

Compliance team primarily engaged in 401(k) and 403(b) Plan compliance, processing and reviewing year-end plan compliance reporting, and governmental reporting. Our qualified staffs have the knowledge and expertise to help keep retirement plans in compliance with US federal laws and regulations. The services we provide are below:

Compliance and Recordkeeping Service

  • Analyze and update client-provided census data on an annual basis for data consistency.

  • Responsible for resolving client queries and day-to-day communication.

  • Identifying and implementing process improvement,

  • Determine eligibility for allocation of employer contributions and forfeitures.

  • Earned Income Calculation for Partnership and Sole-Proprietorship Business entity.

  • Annual additions testing.

  • Top-heavy testing.

  • Coverage and Non-Discrimination testing.

  • ADP/ACP testing.

  • Prepare Annual Compliance Package to ensure the plan is in compliance with the IRS guideline.

  • Distribution processing: Calculation of distribution amount – 402g excess refund, ADP/ACP refund

  • Responsible for processing QDRO (Qualified Domestic Relations Order) on behalf of the participant.

  • Account adjustment and corrections based on Annual Compliance Testing.

Government Reporting Service

  • Preparation of IRS Form 5500.

  • Preparation of Form 8955-SSA.

  • Preparation of related Schedules, like, Schedule I, Schedule C, Schedule H, and Schedule R.

  • Lost earnings calculation on late payrolls and drafting Form 5330.

  • Preparation of Summary Annual Report for participants.

Consultation Services

  • Assist with IRS and DOL audits.

  • Preparation of Complete Audit Package for the client which includes Annual Data Reconciliation.

  • Provide assistance with plan design changes.

  • Assist client with future contribution projections by preparing different contribution scenarios.

Operations Services

FinSource operations team provides different types of services to the client. It starts with payroll file uploading, we assist the client to upload payroll file manually if any client is unable to upload payroll files automatically. We also help the participants to get back their money from the plan. We provide different types of distributions like Termination, In-service, Hardship, loans and so on. We also took care of any checks returned to us or if the participants can’t get the check. Operations always keep the record clean and to do that we do cash reconciliation every day. We also help participants to make corrections on bad SSN. If the client input any duplicate or wrong SSN, we fix the incorrect information. We also help participants to enroll into the plan. If client wants to do any fund changes we also do that. We always try to make our client happy and to do that we always keep any type of request from our client. Below are some the major service operation team provide for American Trust and Lt Trust platform,

  • Distribution / Cash out / Fee out / Force out

  • Check Release

  • Returned/Uncashed/Stale Dated Check

  • Negative Balance Fix

  • Cash Reconciliation

  • Contribution and loan discrepancies

  • Loan Benefit offset and Deemed Distribution

Plan Document Services

Our 401(k) Plan Document expertise governs a retirement plan's features including:

  • Consultation on initial Plan Design

  • Prepare plan documents following the rules and regulations under IRS and DOL (1. The Internal Revenue Service (IRS) is a U.S. government agency responsible for the collection of taxes and enforcement of tax laws where the agency operates under the authority of the U.S. Department of the Treasury, and its primary purpose is the collection of individual income taxes and employment taxes. 2. The United States Department of Labor (DOL) is a cabinet-level agency responsible for enforcing federal labor standards and promoting workers’ well-being).

  • Develop Benefit Analysis for the potential client to differentiate their present situation and future outcome (existing plan).

  • Analyze sponsor’s related/controlled group and formulate Joinder.

  • For mapping/taking over an existing plan, we review and determine sponsor’s current plan’s features and provide suggestions to fulfill their goals.

  • Provide Summary Plan Description for participants and beneficiaries

  • Create Amendments and Provide suggestions for making any changes anytime during a plan year, and

  • Prepare Termination Amendments, if any sponsor/plan wants to leave a TPA or wants to close their business forever.

Transition Services

  • Conversion/Setup Service for Startup & Conversion Plans.

  • Deconversion services when a plan is terminated which includes scheduling the deconversion date, sending blackout notices, processing advisor fees, liquidation, and wire transfer along with the necessary files.

  • Helping onboarding and implementation work for new retirement plans, inputting client’s info into Salesforce, organizing and readying client final files.

  • Supporting new clients with necessary paperwork and help resolving their queries and providing required reports.

  • Prepare and import Roth, Year to Date Contribution and Loan info to our system and update associated fields.

  • Fund vetting/screening to see the fund features and restrictions on demand basis.

 

Assisted Payroll

  • Updating DVC files following these payroll files, uploading, and reviewing it.

  • Updating DVC files with new participant info as needed.

  • Uploading new participant to the respective plan census and posting eligibility.

  • Tracking if any participant has contribution but are not in Relius.

 

Client Service

  • Reconciling aged cash items with custody partner daily basis to match balance and provide reasons and fund breakdowns for pending cash items.

  • Create unidentified and pending fund related issues with Salesforce to notify respective relationship manager to give resolution to clear the pending funds.

  • Fixing plan level eligibility issues and collecting necessary info from clients as necessary.

  • Work on plan termination for specialty assets with respective plan’s relationship manager.