SERVICE AGREEMENT

Checklist of Administrative Responsibilities

 

 

 

 

FUNCTION
MONEY
MANAGER

TPA
CLIENT

IRS Plan Submission and Administration:

 

 

 

Plan Design - Initial

 

C C

Plan Design - Final

 

C

 

Plan Document - Preparation

 

C

 

IRS Filings for Determination

 

C

 

Plan Amendments

 

NC

 

Ongoing Plan Qualifications and Filing IRS

 

NC

 

Summary Plan Description

 

C

 

Form 5500 Series and Related Schedules

Schedule A

C

 

Form 5300 Series

 

NC

 

Calculation of Excess Contributions

 

C

 

Calculation of Eligibility

 

C

 

Calculation of Employer Match

 

NC C

Determination of Vesting Status

 

C

 

Contract Amendments

C  

 

Accounting for Outside Investments/Contracts

 

NC

 

Enrollment Services

C  

 

Participant Salary Reduction Contributions

 

 

C

Preparation of Contribution Report of Deferrals for transmission to

 

 

 

Money Manager including breakdown by participants and money type

 

  C

Contribution Report for Rollover(s), if any

 

  C

Account Verification - 401(k) only

C  

 

Actuarial Valuation (contribution calculation) Schedule B of Form 5500

  C

 

Non-Discrimination Tests:

 

 

 

Participation

 

C

 

Coverage

 

C

 

Actual Deferral Percent (ADP)

 

C

 

Actual Contribution Percent (ACP)

 

C

 

Multiple Use Test

 

C

 

Additional ADP, ACP and Multiple Use Testing

 

NC

 

Top Heavy Requirements:

 

 

 

Testing

 

C

 

Vesting

 

C

 

Minimum Contribution

 

C

 

Sec. 415 Limitation on Annual Additions

 

C

 

Section 401(a)(9) Minimum Distributions:

 

 

 

Notification

 

C

 

Calculation

 

NC

 

Employee Communications:

 

 

 

Administration Kit

C  

 

Verification Letter

C  

 

Variable Investment Summary (Semi Annual)

C  

 

Newsletter

C    

Miscellaneous Mailings

C  

 

Name/Address & Beneficiary Records

C C C

Allocations of Contributions Records

C  

 

Issuance of Benefit Payments Records

C  

 

1099R Benefit Income Tax Reporting

C NC

 

Participant Statements (Quarterly)

C  

 

Employer Plan Reports (Quarterly)

C  

 

Hardship Distributions:

 

 

 

Eligibility

 

C C

Amount

C C

 

Suspension of Participation

 

C C

Spousal Consent Requirements:

 

 

 

Determination and Certification

 

C C

Submission to Money Manager

 

C  

Loan Administration:

 

 

 

Approval of Loan Applications

 

  C

Preparation of Participant Loan Agreement

 

NC

 

Preparation of Loan Amortization Schedule for Participant

 

NC

 

Loan Distribution to Participant

C  

 

Initiate Loan Repayment via salary reduction and transmit to Money Manager

    C

Allocation of Loan Repayment

C   C

Monitor Loan repayments - Advise Money Manager of outstanding balance

 

 

 

upon separation of service

 

NC

 

Monitor number of loans per employee and availability of additional loans

 

NC

 

Monitor repayments

 

NC

 

Set interest rate

 

NC  

Fiduciary responsibility for loan program

 

  C

C   = Core Service (included in base fee)

 

 

 

NC = Non Core Service (charge for service in addition to base fee)

 

 

 


Fax: (770) 614-4049; R. Bruce Tanner brucetanner@rbtanner.com