Administrative Services
Plan Documents
A qualified plan must satisfy the Internal Revenue code in both form and operation. Form means having a clear, written plan document. District Retirement Services utilizes a document that has been pre-approved by the Internal Revenue Service which ensures that the base plan documents will always be in compliance. In addition to providing full documents, District Retirement Services provides continually document review; ensuring that all required amendments are prepared and provided within the appropriate deadline and providing document consultation on all discretionary amendment requests.
Non-discrimination testing
In its operation, a plan must prove that it does not discriminate in favor of both highly compensated employees and key employees. There are a host of non-discrimination tests a qualified plan must pass to stay within compliance. District Retirement Services provides all required testing. District Retirement Services consults with its clients to provide clear and concise options when corrective action is needed.
Distribution/Loan Support
Plan participant distribution and loan requests must meet certain requirements to be considered eligible requests. While final approval always rests with the plan fiduciaries, District Retirement Services will review all requests to ensure they meet the necessary requirements and will provide quick turnaround in sending to the appropriate recordkeeper once the request is deemed to be in good order.
Preparation of Annual Filing
An annual Form 5500 is required to be completed and filed for each year the plan is in operation. District Retirement Services prepares the annual filing, along with any applicable schedules. Once prepared, the form is provided to the plan sponsor via a safe and secure portal allowing them to electronically sign their document.
Quality Estimates
While some Employer contributions may be required, most plans are designed to offer a plan sponsor with the discretion to provide additional contributions. These contributions can serve different purposes from providing additional tax savings to rewarding valuable employees. Whatever the reason, District Retirement Services will provide clear and detailed estimates to help ensure the plan sponsor’s goals can be met while making sure contribution levels meet all required testing criteria.
Your Third Party Administrator
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Book a meeting to see how District Retirement Services can partner with you and your qualified retirement plan.