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Disclaimer
Retirement Plan Administration
Thursday, April 20, 2023
PlanConnect Disclosure
This information is provided for educational and information purposes and is not intended to be used to avoid tax penalties or render tax or legal advice. The taxpayer should seek advice from an independent tax and/or legal advisor.
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Today’s Speaker and Agenda
Speakers Brayton Wicks – President
Renea Dumas – Assistant Vice President of Operations
Agenda
What is Employer Plan Administration
Administration Functions
Assessing a TPA
What is Plan Administration
Plan Administration for Section 403(b) and 457(b) Gov.
Role of the administrator Managing the benefit for your employees Ensuring compliance with the IRS regulations around each plan
Functions of a Plan Administrator Plan Oversight Payroll and Contribution Remittances Compliance Oversight Employee Awareness
Administration Options Self Administration Use a TPA Jointly with Providers
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Plan Oversight
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Responsibilities
Plan Documents 403(b) and 457(b) 403(b) prototype program,
coming soon
Investment Provider Management Managing all providers,
including deselected
Record Retention Recordkeeping system vs.
filing cabinets
Compliance with Regulations
Plan Procedures and Documentation
Plan Documents Provide compliant documents, amendments
and retention Assist in Plan Design
Investment Provider Management Provide Information sharing agreements Act as point of contact for providers
Record Retention Offer a secure recordkeeping system Maintain records and provide for audit
Compliance with Regulations Stay current with regulations
Plan Procedures and Documentation Single point of contact and written procedures
What a TPA Can Do
Payroll and Contribution Remittance
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Responsibilities
Salary Reduction Changes Retention Processing
Timely Remittance of Contributions Managing all providers including
deselected
Contribution Limit Testing Employee and Employer Limits Catch-ups
Remittance Management and Tracking
Salary Reduction Changes Retain SRA changes Track and report all Salary Reduction
changes
Timely Remittance of Contributions Provide common remitter services across
all providers
Contribution Limit Testing Standard Limits Catch-ups
Remittance Management and Tracking One system to manage all changes Historical reporting of remittance
What a TPA Can Do
Compliance Oversight
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Responsibilities
Hardships/Unforeseen Emergency
Withdrawals
Plan-to-Plan Transfers
Exchanges
Loans
Rollovers
QDROs
RMDs
Review all Transactions Ensure compliance with regs Sign-off and record retention
Data Aggregation Across plans Across providers (SPARK file)
Manage Employee Transactions Provide customer service for employees
and advisors (bilingual in some cases) Online transactions Single point of reporting
Remittance Management and Tracking One system to manage all changes Historical reporting of remittance
What a TPA Can Do
Employee Awareness
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Responsibilities
403(b) Universal Eligibility Annual All employees
Driving Participation The 20% minimum Leveraging your providers
Maximizing the Benefit Roth Percent of pay Offering both 403(b) and 457(b) Post retirement
403(b) Universal Eligibility Provide draft UE letters Mail UE letters to participants
Driving Participation Website Employee education including seminars Print material Annual campaigns
Maximizing the Benefit Assist with adding features to the plan Provide guidance and assistance with
administration
What a TPA Can Do
Not All TPAs Are The Same
Types of TPAs Quasi vs. Full Service Independent vs. Provider Offerings
Simplifying Transition Seamless onboarding Secured Information Dedicated Relationship Manager from the start Experience with vendors
Pricing Options Free Services For a fee (per participant, annual etc.) Vendor pay options
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Thanks and Questions
Contact PlanConnect
Web:www.planconnect.com
Toll Free:800-923-6669
E-mail:[email protected]
Transition InquiriesSusan Alldredge
585-750-1033
Contact PlanConnect
Web:www.planconnect.com
Toll Free:800-923-6669
E-mail:[email protected]
Transition InquiriesSusan Alldredge
585-750-1033
Appendix: 2015 Limits
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Appendix: Typical PlanConnect Timeline
Initial Engagement
• Designing or assessing current state of plan
• Coordination of information sharing agreements
• Designing or assessing current state of plan
• Coordination of information sharing agreements
Set-up or Transition On-going Support
4-6 Weeks (10-15 Hours of Time) Go Live
On-going Communications
• Includes set-up of plan web services
• Data upload set-up
• Initial communications with employees
• Includes set-up of plan web services
• Data upload set-up
• Initial communications with employees
Employee Welcome Letter
Customer Service Available Throughout: 1-800-923-6669 or [email protected] Service Available Throughout: 1-800-923-6669 or [email protected]
Plan Enrollment
• On-going communications that can be customized to the plan sponsor
• Designed to increase participation in the plan
• On-going communications that can be customized to the plan sponsor
• Designed to increase participation in the plan
Available Employee Meetings
Available Plan Booklets
InformationSharing
Plan Design &Plan Document Review
Plan Sponsor Driven
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PlanConnect, LLC is a wholly owned subsidiary of AX A Distribution Holding Corporation, an indirect subsidiary of AXA Financial, Inc. PlanConnectSM, Connect2ComplySM, Connect2MaintainSM, Connect2RemitSM and Connect2AchieveSM are service marks of AX A Distribution Holding Corporation. PlanConnectSM may not be available in all states. AXA Financial, Inc. and its family of companies do not provide tax advice. Please consult with your tax advisor regarding your particular circumstances. Each company is affiliated. AXA Distribution Holding Corporation and AXA Financial, Inc. are located at 1290 Avenue of the Americas, New York, NY 10104, 212.554.1234.
PlanConnect, LLC is located at 100 Madison Street, Syracuse,NY 13221. 800.923.6669
