Bauman, Noonan and Associates 401k Services
401k Services
Unless you’re planning on starting a new career, you are going to have to hire someone to administer your 401k plan. Plan administration, as it is used here, is a broad term that refers to all of the services required to establish and maintain your plan. These services include:
Plan Design
Whether you’re starting a plan or thinking of modifying your current plan, you will need someone with the technical knowledge to design or modify the plan to meet your objectives.
Ongoing Consulting
Occasionally you will have a question about your plan. It saves a lot of time if you can call someone and get the correct answer in a matter of a few minutes.
Plan Document
This is this legal document that contains the provisions specific to your plan as well as the general legal requirements of 401k plans. The laws governing retirement plans change constantly and plans must be amended periodically to reflect these changes. Failure to do so can result in severe penalties including disqualification. We offer our plan document with unlimited free updates for regulatory changes.
Record Keeping, Reporting and Testing
This includes tracking participant eligibility, vesting, contribution amounts and investment gains or losses as well as preparing participant statements and the plans’ annual Form 5500. Non-safe harbor plans must be tested at least annually to ensure that the contributions of highly paid employees don’t exceed those of the other employees by more than the permitted amount. Some employer profit sharing plan contributions are also subject to testing.
Plan Communication
401k plan participation is voluntary, so the plan needs to be communicated in a manner that encourages plan participation. Plan investment alternatives must also be explained, and charges, expenses and investment risk must be disclosed in order to qualify for the exemption under ERISA Sec. 404(c), which reduces your liability for the plan’s investment performance. Participants should also have ongoing access to an investment professional to answer questions and provide advice when needed. This service is available whether or not we receive compensation from the plan’s investment provider.
Customer Service
You will need someone to handle routine participant requests such as loan origination, distributions, address changes, beneficiary changes, etc. These tasks are often best handled when the participant is able to contact the administrative service provider directly. By not being involved in day-to-day plan activities, your staff saves time, and you save money.
Plan Administration Only
Sometimes it is not possible for us to provide plan communication services, such as when an agent broker or a registered investment advisor is involved. They are responsible for plan investments, so our role is limited to providing plan administration services including:
Plan design
Ongoing consulting
Plan document along with unlimited free updates for legislative services
Record keeping, quarterly participant statements, testing and Form 5500 preparation
Customer service. Plan participants can contact us directly for all non-investment matters relating to plan participation
EXPLORE YOUR OPTIONS
At Bauman, Noonan and Associates we provide all of these services for as little as $375 per year and there is never a startup charge. This means that you can have your 401k plan up and running before you spend a dime.
To learn more about 401k plans click the following links 401k plans, safe harbor 401k plans and 401k investments.
To receive a free, no obligation proposal, call us at 800-640-3895 or provide us with the information requested below. Each proposal contains three different investment possibilities. Two of which qualifies for our $375 per year plan administration pricing.