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OUR SERVICES:

Plan Design and Installation Services

• Personal meeting with employer
• Recommendations and proposals
• Preparation of custom designed plan and trust
• Summary Plan Descriptions
• Participant notifications

Annual Administration and Compliance

• Review of annual census with supporting data for employees, partners and self employed indivduals
• Employer contribution calculations
• Participant termination calculations
• Actuarial review and certification (defined benefit plans)
• All IRS-required testing
• Participant loan documentation
• Calculation of IRS Required Minimum Distributions
• Preparation of IRS Form 5500 or 5500-SF with all required Schedules
• Preparation of IRS Form 1099-R for any distributions

Plan Termination

• Preparation of language for resolution
• Participant notification
• Benefit calculations and election forms
• All IRS and PBGC (DB) required forms
• File for IRS approval (if requested)

Special Projects

• Reconciliation of plan financial data
• Actuarial studies
• Feasibility studies for plan modification
• Preparation and representation during IRS/DOL plan audit.

A Third Party Administrator (TPA) is more than a service with a fee attached.  Every TPA has his own level of service; some have better service than others. We believe the level of service one provides is more important than the fee charged.  What each TPA is selling is different from what other TPAs sell – we do not all sell the same tube of toothpaste.

Many choose a TPA that is the cheapest and that is the only reason.  There is a huge difference between “cheap” and “cheap”, depending on your definition of “cheap”.  Services can be inexpensive when compared to other companies; or they can be second-rate.  SPT Pensions is not in the “bargain store” business.

The Retirement Income Security Act of 1975 (ERISA) mandates that the TPA selection process be prudent, rational and fair.  There are many factors to consider when choosing a TPA, such as plan design and ERISA compliance expertise. ERISA compliance can be costly.  If a competent TPA is not chosen, you might violate your fiduciary duty when that level of service expertise causes many administrative headaches and errors that IRS/DOL are sure to pick up upon a plan audit.

A good TPA can make all the difference in the world between a plan being compliant or not.

A good TPA will anticipate an IRS/DOL audit, prepare for it in advance and locate any hidden errors… before they do.

When you think of retirement plan consulting and administration...think...