PRS is a third party administration (TPA) firm providing the highest quality of services for qualified retirement plans – from the single owner company to mid-sized firms. We discuss with our clients and their advisors their individual needs and objectives. Often the objective is to maximize contributions for owners and key employees while minimizing the contributions for other employees. Together we design a plan that will meet those objectives and goals – whether it be a new plan or updating an existing one.
Plan Design Services
- Preparation of plan designs based upon the individual needs and objectives of the owner(s) and on the information gathered from the Employee Census Form and Pension Questionnaire you complete
- Graphic illustrations of the benefits that would accrue to the owner(s) and employees
- Availability to host a meeting at our office or come to yours to further explain the plan designs presented and answer any questions
- Prepare plan documents for counsel.
- Prepare the Summary Plan Description for counsel.
- Preparation of Administrative Forms and Notices.
- Preparation of plan amendments.
- Application of correction programs for operational and document failures.
Read "Oh No! An employee was permitted to make 401 (k) contributions prior to meeting the plan's eligibility requirements..." in our Case Studies section for an example of a correction program in action.
Actuarial and Administrative Services:
- Compilation of employee data.
- Determination of participant eligibility.
- Reconciliation of plan assets.
- Determination of the annual contribution or allocation of the contribution.
- Actuarial calculations and certifications for defined benefit pension plans.
- Non-discrimination testing for 401(k) and New Comparability plans.
- Determination of the account balances and/or accrued benefits.
- Preparation of a comprehensive report.
- Preparation of participant statements.
- Timely preparation of the Form 5500 (government filing) and the Summary Annual Report or Annual Funding Notice.
- Determination of Pension Benefit Guaranty Corp. (PBGC) premiums and preparation of PBGC Premium Form for defined benefit pension plans.
- Determination of retirement and termination benefits and preparation of the associated paperwork.