Our Services
Benefits Consulting Group, LLC is staffed by professionals
devoted full time to defined contribution retirement plan and
cafeteria plan design and administration. We specialize in helping
our clients optimize the tax advantages and overall value of their
retirement programs.
Our professionalism, integrity, depth of technical expertise, and
commitment to quality service allow us to offer you the resources of
a large firm with the personal attention and flexibility of a small
firm.
Selecting and implementing the retirement plan that is right for
you and your business can be a complex process. To carefully guide
you through each step of the process our professional staff will
provide:
- The Retirement Plan EvaluatorSM
– a free
comprehensive analysis of your retirement plan goals and tax
objectives tailored to the needs of the business owners, employees
and the business itself.
A corporate resolution or adopting resolution to implement the
plan.
Plan documents required by the IRS.
Request for IRS determination letter, if applicable.
Summary Plan Description (SPD) required to be distributed to
plan participants.
Customized enrollment materials and explanation of plan
provisions at enrollment meetings.
Safe Harbor Notices for distribution to participants (if
applicable).
As much personal attention and technical assistance as you
need to get your plan up and running - hassle free.
If you already have a plan, we will work with you and your
existing service providers to make the transition to BCG as smooth
and seamless as possible.
Ongoing Plan Administration
To assure efficient and timely administration of your plan on an
ongoing basis we will work very closely with you to:
- Determine employee eligibility and plan entry.
- Maintain participant vesting.
- Assist with contributions processing.
- Determine eligibility for allocation of employer contributions
and forfeitures.
- Allocate employer contributions and plan forfeitures.
- Allocate plan earnings.
- Prepare periodic reminders for participants regarding
modifications to deferrals (401(k) plans) and plan participation.
- Process distributions – calculate distribution amount, prepare
required distribution notices and applicable election forms, and
prepare IRS Form 1099-R and applicable federal and state
withholding tax forms.
- Process loans – set up loan accounts, prepare promissory note
and amortization schedule, track loan payments, and advise clients
on handling loan defaults.
- Process hardship withdrawals and other in-service withdrawals
(if applicable).
- Reconcile trust accounts.
- Monitor participants who are required to receive age 70½
distributions.
Plan Compliance Testing and
Government Reporting
To assure that your retirement plan is in compliance with federal
laws and regulations, we will apply our technical expertise and
professional integrity as we perform the following services:
- Contribution deductibility calculations (IRC §404)
- Annual additions testing (IRC §415).
- Top heavy testing (IRC §416).
- Coverage testing (IRC §410(b)).
- ADP/ACP testing (applicable to 401(k) plans).
- Preparation of signature-ready Form 5500 and applicable
schedules.
- Preparation of Summary Annual Report for participants.
- Preparation of annual Safe Harbor Notices (if applicable).
- Regular communications on changes in federal pension laws and
regulations affecting the operation of your plan.
- Plan amendments, terminations and mergers.
- Assistance with IRS and DOL audits.
- Assistance with correction of plan compliance violations.
- Participant surveys and analysis.
- Preparation of Section 125 Premium Conversion Plan, Medical or
Dependent Care Flexible Spending Account (FSA) plan documents,
election forms, Summary Plan Description and Form 5500 and
applicable schedules.
- Completion of required non-discrimination tests for Medical
and Dependent Care FSAs.
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