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Qualified Retirement Plan Administration
Group Benefit Specialists, Inc. provides administrative services for
the following defined contribution plan types:
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A.
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Money Purchase Pension
Plan: The employer contributes a specified percentage of the
participating employee`s salary each year. Whatever that funds
grows to be is what the retiring employee receives.
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B.
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Traditional Profit
Sharing Plan: Similar to the money purchase pension, except
that contributions do not need to be a specific percentage and
they do not need to be made every year, as long as they are
"substantial and recurring."
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C.
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ESOP - Employee
Stock Option Plan: Like a stock bonus plan, to which the
employer can contribute company stock instead of cash.
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D.
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401(k) Plan: Also called
a cash or deferred plan, this plan is any stock bonus plan or
profit sharing plan which meets certain participation
requirements of IRC Sec. 401(k). An employee can agree to a
salary reduction or to defer a bonus on a pretax basis. The
employer may also elect to make matching contributions and or
profit sharing contributions.
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Group
Benefits Specialists, Inc. (GBS) Administration Information
Group Benefit Specialists, Inc. is pleased to present this service
and fee proposal. Selecting the right employee benefit-consulting
firm will, over time, significantly impact the shape and perception
of your employee benefit programs.
Hiring GBS will make a positive impact and add value to your
benefits plan. We make you
look good to your employees.
Group Benefit Specialists, Inc. utilizes state-of-the-art technology
and services to provide you with the most
comprehensive retirement plan services available. This technology
enables us to offer you a menu of plan features such as daily
recordkeeping, a voice response system, and daily fund trading without
sacrificing the personal service and expertise for which
we are admired.
Our goal is to give you what you need and want from your qualified
retirement plan and to do so with simple-to-use effective services
that save you money. We provide you with a coordinated,
well-supported, full service approach. Our services will not only meet
your needs, but we are confident we will exceed
your expectations.
Group Benefit Specialists, Inc., established in 1989, is a
full service consulting, and administration firm specializing in
qualified plan administration. Our expert services are designed to
help you maximize the value of your qualified plans. Our vast expert
experience gives you superior service and surrounds you with the
delivery of our excellent consulting, recordkeeping, and
administrative assistance. We give you
what you need on time and right the first time!
Group Benefit Specialists, Inc. provides qualified plan
administration services to a great variety of businesses,
industries, government, and non-profit organizations. Our qualified
plan administration includes: defined contribution retirement plans
(profit sharing, money purchase, ESOP, specializing
in 401(k) plans.).
Recordkeeping and Administrative Services
We offer you a full range of services to support your ongoing
administration of 401(k) plans, profit sharing plans, and various
other qualified plans. A few of the benefits we offer are summarized
as follows.(We do much more for you)
Plans can be administered at the participant level or the plan level
and will benefit you from the following standard features:
Standard Plan Administration Services:
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1.
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Determine employee
eligibility
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2.
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Track vesting schedules
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3.
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Provide coverage and
discrimination testing
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4.
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Test for contribution and
deductibility limits
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5.
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Provide top heavy testing
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6.
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Provide 401(k) and 401(m)
testing
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7.
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Provide participant
reports at least quarterly
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8.
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Provide plan sponsor
reports
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9.
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Loan processing and
recordkeeping
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10.
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Completion of IRS annual
5500 Series forms
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11.
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Prepare Summary Annual
Report
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12.
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Provide participant
distribution processing for loans, emergency distributions,
severance, or retirement
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In addition, we offer optional services to meet your
specific needs, which include:
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1.
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Plan installation,
including:
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a.
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Plan document
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b.
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Summary Plan Description
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c.
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IRS approval filing
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d.
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Enrollment meetings
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2.
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Additional 401(k) and
401(m) tests
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3.
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Multiple plan limits
testing
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4.
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Loan modeling
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5.
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Consulting services
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Proper attention to plan design is very important to the success of
your employee retirement plan and is all too often overlooked. GBS
will help you determine whether use of an IRS pre-approved prototype
plan is appropriate or whether a custom designed plan would be best
for your needs.
GBS monitors all legislation affecting regulations governing employee
benefit plans. In the event of future tax law changes that require
amendments to existing 401(k), we will handle the re-submission and
approval process. All necessary updates and revisions to your
plan will be readily and automatically
prepared for your signature in a timely
manner. We provide you and you employees our toll-free
service line to answer questions or discuss problems with your
expert Service Representative.
Additional Plan Features based on Plan Design and Structure
Daily Valuation
Participants accounts are updated daily. Participants have the
capability to access their personal account information which is
updated daily through a
toll-free 800 number. The voice response system allows participants
to inquire about their account balances, as well as change their
investment elections and transfer funds at their convenience. Your
employees will now have the capability to request daily
trades and know the market value of their accounts whenever
they want.
Access to Mutual Funds
Together with your investment Professional (or if you choose a GBS
investment Professional) we can accommodate you in offering your
employees a wide selection
of mutual funds and choosing the best
among many mutual fund families. In addition, we can provide daily
trading across fund families, depending on plan structure.
Timely and Accurate Reports
We understand your need to
receive timely, accurate reports.
We will provide participant statements and plan level reports as
soon as administratively possible. Usually this is within fourteen
working days of the end of each quarter. You can rely on us to
provide plan and participant information timely and accurately.
Additionally, with our advanced computer technology, we can custom
design plan reports and participant statements to meet your
special needs.
Employee Communication and Enrollment
At your option, we will provide materials needed to educate your
employees as to their new investment selections so they can decide
how to allocate their salary deferrals among the investment choices
you offer. We can provide basic investment educational material to
help them get involved in making these important decisions for their
future.
This excellent employee communication
and education program can include:
- Retirement
Planning Workbooks
- Summary
Plan Description
- Plan
Highlights
- Voice
Response Booklet (explains how to use the voice response system)
- Voice
Response Wallet Card
- Payroll
Stuffers
- Quarterly
Participant Investment Newsletter
Also, at your option we can
conduct enrollment meetings where the mechanics of a 401(k) plan and
the benefits of them enrolling immediately, rather than waiting to
join are explained. Our goal is to encourage active participation in
your plan so that you achieve the desired results in offering this
benefit to your employees.
Comprehensive 404(C) Compliance Program
Group Benefit Specialists, Inc. will help you develop and maintain the policies and procedures needed
to control your fiduciary investment liability under ERISA.
404(c) ERISA Compliance
Under ERISA 404(c), a plan fiduciary can limit its investment
liability caused by participant investment direction. Otherwise, the
fiduciary is liable for adverse investment results due to the
investment mix selected by that participant.
To limit that liability, 404(c) requires the employer to do several
things which include:
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1.
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Offer at least three
investment options that have different risk attributes
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2.
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Allow employees to switch
their elections as often as needed depending on the volatility
of the investment (but at least quarterly)
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3.
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Give participants basic
education on how to create their own asset mix and provide
detailed information about each of the investment choices
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4.
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Disclose all expenses
charged against the assets
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5.
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Name a fiduciary
responsible for carrying out participant investment directions
and an agent for the fiduciary
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Summary
When you choose Group Benefit Specialists, Inc. to provide your
administrative recordkeeping and consulting services, you know
you’ve made the right decision because you and your participants
will enjoy these significant
advantages:
- Local, personal, and professional
service provider
- Professional, responsive plan administration services
- Daily
recordkeeping of
individual participant accounts
- Unbiased choice of mutual funds
- Ease in changing or adding investments
- Daily trading of funds
- Voice response system for participant
inquiry and investment direction
- Readily
available, additional services as needed
We have a long list of satisfied clients available for your
reference upon request.
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