WELCOME TO ADVANCED
PLAN DESIGNS
3(16)FIDUCIARY SERVICES
3(16) FID
UCIA
RYSERV
ICES
3(16) 3
ABO
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S
SOBERING FACTS ABOUT YOUR 401(K) PLAN
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ABOUT USAdvanced Plan Designs (APD) is an employee benefits consulting firm in business over 20 years designing retirement plans for companies large and small across the United States. We are focused on delivering custom plan design that meets your objectivesand on-going administration for qualified retirement plans.
Our plans are tailor-made to accomplish your goals. While the right plan design will save you thousands of dollars each year, the wrong plan design can cost even more. It is our belief that your role is to run your business and our role isto run your retirement plan. In that role, we are constantly working to assure that all rules are being complied with, all legislative requirements are being met, the plan document is being followed and the plan is being maintained in operational compliance.
Our professional team will assist you from implementation to termination of your qualified plan. By offering plan administration and custom document design as our ONLY services, we are able to sharply focus our talents and attention on the details of managing your plan. Using our firm creates a simple but effective “check and balance” system. This offers you a greater degree of protection and oversight. Let our “experience” work for you.
CONTACT USAdvanced Plan Designs 3859 S. Cox Springfield, MO 65807 Phone: 417-885-0181 Fax: [email protected]
AdvancedPlanDesigns.com
2 3(16)
3(16) FIDUCIARYSERVICES
3(16) 3
ABOUT USSOBERING FACTS ABOUT YOUR 401(K) PLAN
• CCoommppaannyy OOwwnneerrss,, CCFFOO’’SS aanndd HHRR ppeerrssoonnnneell aarree oofftteenn ccoonnssiiddeerreedd ppllaann ffiidduucciiaarriieess
• FFiidduucciiaarriieess mmaayy bbee ppeerrssoonnaallllyy lliiaabbllee ffoorr aannyy bbrreeaacchh——tthheerree iiss nnoo ccoorrppoorraattee vveeiill ooff pprrootteeccttiioonn
• MMoosstt ccoommppaanniieess mmiissttaakkeennllyy bbeelliieevvee tthheeyy hhaavvee ffuullffiilllleedd tthheeiirr ffiidduucciiaarryy dduuttiieess bbyy hhiirriinngg aa TTPPAA
• YYoouurr TTPPAA mmaayy nnoott bbee aa ffiidduucciiaarryy aanndd tthheerreeffoorree wwiillll nnoott bbee hheelldd rreessppoonnssiibbllee ffoorr nnoonn--ccoommpplliiaannccee
• IInn 22001177,, 6655%% ooff aauuddiitteedd ppllaannss wweerree ffoouunndd oouutt ooff ccoommpplliiaannccee,, rreessuullttiinngg iinn $$11..11 BBiilllliioonn iinn ffiinneess
3(16) FIDUCIARYSERVICES
3(16) 3
ABOUT USSOBERING FACTS ABOUT YOUR 401(K) PLAN
• CCoommppaannyy OOwwnneerrss,, CCFFOO’’SS aanndd HHRR ppeerrssoonnnneell aarree oofftteenn ccoonnssiiddeerreedd ppllaann ffiidduucciiaarriieess
• FFiidduucciiaarriieess mmaayy bbee ppeerrssoonnaallllyy lliiaabbllee ffoorr aannyy bbrreeaacchh——tthheerree iiss nnoo ccoorrppoorraattee vveeiill ooff pprrootteeccttiioonn
• MMoosstt ccoommppaanniieess mmiissttaakkeennllyy bbeelliieevvee tthheeyy hhaavvee ffuullffiilllleedd tthheeiirr ffiidduucciiaarryy dduuttiieess bbyy hhiirriinngg aa TTPPAA
• YYoouurr TTPPAA mmaayy nnoott bbee aa ffiidduucciiaarryy aanndd tthheerreeffoorree wwiillll nnoott bbee hheelldd rreessppoonnssiibbllee ffoorr nnoonn--ccoommpplliiaannccee
• IInn 22001177,, 6655%% ooff aauuddiitteedd ppllaannss wweerree ffoouunndd oouutt ooff ccoommpplliiaannccee,, rreessuullttiinngg iinn $$11..11 BBiilllliioonn iinn ffiinneess
3(16) FIDUCIARYSERVICES
3(16) 3
ABOUT USSOBERING FACTS ABOUT YOUR 401(K) PLAN
• CCoommppaannyy OOwwnneerrss,, CCFFOO’’SS aanndd HHRR ppeerrssoonnnneell aarree oofftteenn ccoonnssiiddeerreedd ppllaann ffiidduucciiaarriieess
• FFiidduucciiaarriieess mmaayy bbee ppeerrssoonnaallllyy lliiaabbllee ffoorr aannyy bbrreeaacchh——tthheerree iiss nnoo ccoorrppoorraattee vveeiill ooff pprrootteeccttiioonn
• MMoosstt ccoommppaanniieess mmiissttaakkeennllyy bbeelliieevvee tthheeyy hhaavvee ffuullffiilllleedd tthheeiirr ffiidduucciiaarryy dduuttiieess bbyy hhiirriinngg aa TTPPAA
• YYoouurr TTPPAA mmaayy nnoott bbee aa ffiidduucciiaarryy aanndd tthheerreeffoorree wwiillll nnoott bbee hheelldd rreessppoonnssiibbllee ffoorr nnoonn--ccoommpplliiaannccee
• IInn 22001177,, 6655%% ooff aauuddiitteedd ppllaannss wweerree ffoouunndd oouutt ooff ccoommpplliiaannccee,, rreessuullttiinngg iinn $$11..11 BBiilllliioonn iinn ffiinneess
3(16) FID
UCIA
RYSERV
ICES
3(16) 3
ABO
UT U
S
SOBERING FACTS ABOUT YOUR 401(K) PLAN
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3(16) FIDUCIARYSERVICES
3(16) 3
ABOUT USSOBERING FACTS ABOUT YOUR 401(K) PLAN
• CCoommppaannyy OOwwnneerrss,, CCFFOO’’SS aanndd HHRR ppeerrssoonnnneell aarree oofftteenn ccoonnssiiddeerreedd ppllaann ffiidduucciiaarriieess
• FFiidduucciiaarriieess mmaayy bbee ppeerrssoonnaallllyy lliiaabbllee ffoorr aannyy bbrreeaacchh——tthheerree iiss nnoo ccoorrppoorraattee vveeiill ooff pprrootteeccttiioonn
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• YYoouurr TTPPAA mmaayy nnoott bbee aa ffiidduucciiaarryy aanndd tthheerreeffoorree wwiillll nnoott bbee hheelldd rreessppoonnssiibbllee ffoorr nnoonn--ccoommpplliiaannccee
• IInn 22001177,, 6655%% ooff aauuddiitteedd ppllaannss wweerree ffoouunndd oouutt ooff ccoommpplliiaannccee,, rreessuullttiinngg iinn $$11..11 BBiilllliioonn iinn ffiinneess
3(16) FID
UCIA
RYSERV
ICES
3(16) 3
ABO
UT U
S
SOBERING FACTS ABOUT YOUR 401(K) PLAN
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33% Passed
67% Failed
DOL 401(K) PLAN AUDIT RESULTS 2019
COST$2.02 BILLIONFINES, RESTORATIONS & PENALTIES*2019 Statistics from the Department of Labor website
SOBERING FACTS ABOUT YOUR 401(K) PLAN
• Company Owners, CFO’s and HR personnel are often considered plan fiduciaries
• Fiduciaries may be personally liable for any breach - there is no corporate veil of protection
• Most companies mistakenly believe they have fulfilled their fiduciary duties by hiring a TPA
• Your TPA may not be a fiduciary and therefore will not be held responsible for non-compliance
• In 2019, 67% of plans audited by the DOL were found out of compliance, resulting in $2.02 Billion in fines.
3(16) 3
4 3(16)
DID YOU KNOW ? You are more likely than ever tsubject to a compliance review by the DOL • The DOL has increased their numberof auditors by nearly 1,000 to moreaggressively enforce 401(k) compliance
• In addition to the DOL, employeecomplaints and inquiries are on the rise
• In 2011, 233,780 employresulted in $4restorations
4 3(16)
Why do so many companies fail?
“The majority of violations generally come from oversight, errors and omissions by plan sponsors.”
4 3(16)
DID YOU KNOW ? You are more likely than ever tsubject to a compliance review by the DOL • The DOL has increased their numberof auditors by nearly 1,000 to moreaggressively enforce 401(k) compliance
• In addition to the DOL, employeecomplaints and inquiries are on the rise
• In 2011, 233,780 employresulted in $4restorations
4 3(16)
Why do so many companies fail?
“The majority of violations generally come from oversight, errors and omissions by plan sponsors.”
4 3(16)
DID YOU KNOW? You are more likely than ever tsubject to a compliance review by the DOL • The DOL has increased their numberof auditors by nearly 1,000 to moreaggressively enforce 401(k) compliance
• In addition to the DOL, employeecomplaints and inquiries are on the rise
• In 2011, 233,780 employresulted in $4restorations
4 3(16)
Why do so many companies fail?
“The majority of violations generally come from oversight, errors and omissions by plan sponsors.”
DID YOU KNOW? • Your are more likely than ever to be subject to a compliance review by the DOL. • The DOL has increased their number of auditors by nearly 1,000 to more aggressively enjorce 401(k) compliance.
• In addition to the DOL, employee complaints and inquiries are on the rise.
• In 2019 employee inquiries resulted in $510 million in fines and restorations.
• A plan audit by an independent CPA firm may not fully protect you. According to a recent study by the EBSA, 39% of the audits conducted contained major deficiencies which would lead to rejection of Form 5500 filings.
4 3(16)
If you’re not an expert, the DOLadvises that you hire one.
TOP 5 REASONS FOR FAILURE
3(16) 5
6 3(16)
3(16) FIDUCIARY SOLUTIONS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
for testin and audit purposes
• Provide interim census data fordistributions
• Assist 3(16) with audit requests if required
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
ddaattaa ffoorr tteessttiinngg aanndd aauuddiitt ppuurrppoosseess
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified DefaultInvestment Alternatives (QDIA) and FeeDisclosure Notices
• Address specific participant requests and/orinstructions in compliance with 404(c)
• Administer participant loans in compliance withstatutory requirements
• Distribute participant distribution packets
• Process distribution requests
• Evaluate and approve incoming rollovers to verify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Oversee annual census reconciliationwith TPA
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant FeeDisclosure, Safe Harbor and SummaryAnnual Report/SAR)
• Reviewing and approving Qualified DomesticRelations Orders
• Administer automatic enrollment program
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
• Provide final annual census and payroll datafor testing and audit purposes
• Provide interim census data for distributions
• Assist 3(16) with audit requests if required
6 3(16)
3 (16) FIDUCIARY SOLUTIONS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Deposit contributions on a timely basis
for testin and audit purposes
• Provide interim census data fordistributions
• Assist 3(16) with audit requests if required
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
data for testing and audit purposes
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified DefaultInvestment Alternatives (QDIA) and FeeDisclosure Notices
• Address specific participant requests and/orinstructions in compliance with 404(c)
• Administer participant loans in compliance withstatutory requirements
• Distribute participant distribution packets
• Process distribution requests
• Evaluate and approve incoming rollovers to verify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Oversee annual census reconciliationwith TPA
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant FeeDisclosure, Safe Harbor and SummaryAnnual Report/SAR)
• Reviewing and approving Qualified DomesticRelations Orders
• Administer automatic enrollment program
• Deposit contributions on a timely basis
• Provide final annual census and payroll datafor testing and audit purposes
• Provide interim census data for distributions
• Assist 3(16) with audit requests if required
6 3(16)
3(16) FIDUCIARY SOLUTIONS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
for testin and audit purposes
• Provide interim census data fordistributions
• Assist 3(16) with audit requests if required
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
data for testing and audit purposes
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified DefaultInvestment Alternatives (QDIA) and FeeDisclosure Notices
• Address specific participant requests and/orinstructions in compliance with 404(c)
• Administer participant loans in compliance withstatutory requirements
• Distribute participant distribution packets
• Process distribution requests
• Evaluate and approve incoming rollovers to verify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Oversee annual census reconciliationwith TPA
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant FeeDisclosure, Safe Harbor and SummaryAnnual Report/SAR)
• Reviewing and approving Qualified DomesticRelations Orders
• Administer automatic enrollment program
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
• Provide final annual census and payroll datafor testing and audit purposes
• Provide interim census data for distributions
• Assist 3(16) with audit requests if required
6 3(16)
3(16) FIDUCIARY SOLUTIONS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
for testin and audit purposes
• Provide interim census data fordistributions
• Assist 3(16) with audit requests if required
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
data for testing and audit purposes
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified DefaultInvestment Alternatives (QDIA) and FeeDisclosure Notices
• Address specific participant requests and/orinstructions in compliance with 404(c)
• Administer participant loans in compliance withstatutory requirements
• Distribute participant distribution packets
• Process distribution requests
• Evaluate and approve incoming rollovers to verify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Oversee annual census reconciliationwith TPA
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant FeeDisclosure, Safe Harbor and SummaryAnnual Report/SAR)
• Reviewing and approving Qualified DomesticRelations Orders
• Administer automatic enrollment program
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
• Provide final annual census and payroll datafor testing and audit purposes
• Provide interim census data for distributions
• Assist 3(16) with audit requests if required
6 3(16)
3 (16) FIDUCIARY SOLUTIONS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Assist 3(16) with audit requests if required
• Ensure RMD's are properly identified, calculatedand distributed
• Authorize participant distribution requests
• Transmit payroll files and make deferral andloan repayment changes
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified Default Investment Alternatives (QDIA) and Fee Disclosure Notices
• Submit 401(k) file each pay period
• Administer participant loans in compliance withstatutory requirements
• Evaluate and approve incoming rollovers toverify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant Fee Disclosure, Safe Harbor and Summary Annual Report/SAR)
• Reviewing and approving Qualified Domestic Relations Orders
• Administer automatic enrollment program
• Provide interim census data for distributions
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
• Provide/confirm final annual census and payroll data for testing and audit purposes
• Assist 3(16) with audit requests if required
6 3(16)
6 3(16)
3(16) FIDUCIARY S OLUTIONS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Deposit contributions on a timely basis
for testin and audit purposes
• Provide interim census data fordistributions
• Assist 3(16) with audit requests if required
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
data for testing and audit purposes
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified DefaultInvestment Alternatives (QDIA) and FeeDisclosure Notices
• Address specific participant requests and/orinstructions in compliance with 404(c)
• Administer participant loans in compliance withstatutory requirements
• Distribute participant distribution packets
• Process distribution requests
• Evaluate and approve incoming rollovers to verify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Oversee annual census reconciliationwith TPA
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant FeeDisclosure, Safe Harbor and SummaryAnnual Report/SAR)
• Reviewing and approving Qualified DomesticRelations Orders
• Administer automatic enrollment program
• Deposit contributions on a timely basis
• Provide final annual census and payroll datafor testing and audit purposes
• Provide interim census data for distributions
• Assist 3(16) with audit requests if required
6 3(16)
3(16) FIDUCIARY SOLUTIONS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
for testin and audit purposes
• Provide interim census data fordistributions
• Assist 3(16) with audit requests if required
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
data for testing and audit purposes
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified DefaultInvestment Alternatives (QDIA) and FeeDisclosure Notices
• Address specific participant requests and/orinstructions in compliance with 404(c)
• Administer participant loans in compliance withstatutory requirements
• Distribute participant distribution packets
• Process distribution requests
• Evaluate and approve incoming rollovers to verify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Oversee annual census reconciliationwith TPA
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant FeeDisclosure, Safe Harbor and SummaryAnnual Report/SAR)
• Reviewing and approving Qualified DomesticRelations Orders
• Administer automatic enrollment program
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
• Provide final annual census and payroll datafor testing and audit purposes
• Provide interim census data for distributions
• Assist 3(16) with audit requests if required
6 3(16)
3(16) FIDUCIARY SOLUTIONS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
for testin and audit purposes
• Provide interim census data fordistributions
• Assist 3(16) with audit requests if required
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
data for testing and audit purposes
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified DefaultInvestment Alternatives (QDIA) and FeeDisclosure Notices
• Address specific participant requests and/orinstructions in compliance with 404(c)
• Administer participant loans in compliance withstatutory requirements
• Distribute participant distribution packets
• Process distribution requests
• Evaluate and approve incoming rollovers to verify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Oversee annual census reconciliationwith TPA
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant FeeDisclosure, Safe Harbor and SummaryAnnual Report/SAR)
• Reviewing and approving Qualified DomesticRelations Orders
• Administer automatic enrollment program
• Submit 401(k) file each pay period
• Deposit contributions on a timely basis
• Provide final annual census and payroll datafor testing and audit purposes
• Provide interim census data for distributions
• Assist 3(16) with audit requests if required
6 3(16)
3(16 ) F I DUCIARY SO LU TIO NS
YOUR DUTIES BEFORE 3(16)Operational Plan Administrator Duties
• Assist 3(16) with audit requests if required
• Ensure RMD's are properly identified, calculatedand distributed
• Authorize participant distribution requests
• Transmit payroll files and make deferral andloan repayment changes
• Send out enrollment kits, including SummaryPlan Descriptions (SPD), Qualified Default Investment Alternatives (QDIA) and Fee Disclosure Notices
• Submit 401(k) file each pay period
• Administer participant loans in compliance withstatutory requirements
• Evaluate and approve incoming rollovers toverify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Send out required year-end notices toparticipants (i.e., 404(a)(5) Participant Fee Disclosure, Safe Harbor and Summary Annual Report/SAR)
• Reviewing and approving Qualified Domestic Relations Orders
• Administer automatic enrollment program
• Provide interim census data for distributions
YOUR DUTIES AFTER 3(16)Operational Plan Administrator Duties
• Provide/confirm final annual census and payroll data for testing and audit purposes
• Assist 3(16) with audit requests if required
6 3(16)
• Ensure RMD’s are properly identified, calculatedand distributed
• Authorize participant distribution requests
• Transmit payroll files and make deferral andloan repayment changes
• Prepare enrollment kits, including SummaryPlan Descriptions (SPD), Qualified DefaultInvestment Alternatives (QDIA) and FeeDisclosure Notices
• Submit 401(k) file each pay period
• Administer participant loans in compliance withstatutory requirements
• Evaluate and approve incoming rollovers toverify compliance with the plan document
• Analyze documentation, review and processhardship withdrawals
• Review and validate compliance testing
• Provide for annual audit of the plan
• Oversee and manage process, in conjunctionwith TPA, for annual filing of Form 5500
• Prepare required year-end notices toparticipants (i.e., 404(a)(5) Participant FeeDisclosure, Safe Harbor and Summary AnnualReport/SAR)
• Reviewing and approving Qualified DomesticRelations Orders
• Administer automatic enrollment program
• Provide/confirm final annual census and payroll data for testing and audit purposes
• Provide interim census data for distributions
• Assist 3(16) with audit requests if required
• Assist with delivery of participant notices/materials
6 3(16)
3(16) 7
AdvancedPlanDesigns.com
3859 S. Cox Springfield, MO 65807 Phone: 417-885-0181
Fax: 417-885-0198
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