Most advisors are not in the business of answering questions regarding day-to-day retirement plan administration, compliance, or plan design.  Oftentimes when operating under a bundled approach, answers to these questions may be difficult to obtain in a timely fashion.  When a financial advisor partners with Benefit Professionals, Inc., they have a resource that will allow them to concentrate on plan investments and retirement savings for clients and participants.

We want to be involved in the entire plan process from the initial plan design and projections through the final presentation.  Once a plan is sold, our goal is to be the go-to for all plan administration questions from day one through the life of the plan.  This allows advisors to concentrate on their core business.

Benefit Professionals, Inc. brings the following to the table:

• Free proposals and plan projections
• Plan design review and comparison
• Annual plan and participant oversight and reconciliation
• Required compliance testing review and consultation
• Identification and resolution of plan administration failures
• Platform onboarding support for new and transferring plans
• Coordination with all parties in all matters related to the retirement plan

Benefit Professionals, Inc. works with multiple investment providers.  Please contact us if you have any questions regarding the investment providers with whom we work.

Business owners may provide a retirement benefit plan for their employees, but retirement planning is not their business.  That is where Benefit Professionals, Inc. comes in.  We let the business owner and the company’s employees focus on running their business.  We handle their retirement plan and relieve some stress off the HR department.  We help the business owner decipher the many different retirement plan options and guide them to the most appropriate retirement plan for their needs.  We also help the business owner assess the plan throughout the lifetime of the business to ensure it is meeting the needs of the company.  As the company grows and changes, we help the retirement plan do the same.

Types of Businesses Benefit Professionals, Inc. Serves

• Small- to medium-sized businesses
• Large corporations
• Non-profit organizations

Types of Solutions Benefit Professionals, Inc. Offers

• Performing annual compliance testing and year-end work
  •  Reviewing employee census
  • Tracking employee eligibility
  • Performing annual non-discrimination testing and assisting with any testing corrections
  • Tracking and calculating participant vesting
  • Performing financial reconciliation of participant accounts
  • Preparing plan valuation report
  • Completing signature-ready forms for annual governmental reporting
  • Providing Summary Annual Report
• Reviewing requests for loans
• Reviewing requests for distributions, hardship withdrawals, and qualified domestic relations orders (QDROs) for accuracy and completeness
• Analyzing timing of contribution deposits and assisting with corrections and reporting of late contributions
• Maintaining records for the retirement plan (annual compliance testing, government form filings, plan documents, etc.)
• Providing a periodic review and assessment of the retirement plan to ensure it meets the needs of the company
• Preparing minutes of annual fiduciary meetings
• Assisting with any IRS or DOL audits

Solutions for Today’s Retirement Plan

There are special tax-advantaged retirement plans specifically for government workers such as municipal employees, civil servants, public safety personnel, and law enforcement officers.  Certain other organizations and professionals, such as unions, churches, public schools (including colleges and universities), charitable organizations, hospital executives, and independent contractors employed by state and local government bodies, may also benefit from these retirement plans.

457(b) Plan

State and local government agencies and certain non-profit organizations may offer a 457(b) plan.  These plans allow participants to make tax deferred and/or ROTH contributions.  The earnings in the plan are not taxed until withdrawn from the plan.  Employers may also make contributions to the plan on behalf of the plan participants.  The contribution limit for a 457(b) plan is a combined limit of the employee and employer contributions.  The limit is equal to the salary deferral limit of 401(k) plans under Internal Revenue Code Section 402(g) and is subject to change each year.  Participants aged 50 or older may make an additional “catch-up” contribution to the plan (amount allowed is subject to change each year).  Some employers combine the 457(b) plan with a 403(b) plan due to combined contribution limits.

403(b) Plan

A 403(b) plan, also known as a tax-sheltered annuity plan, is a retirement plan for certain employees of public schools, employees of certain Code Section 501(c)(3) tax-exempt organizations, and certain ministers. These plans allow participants to make tax-deferred contributions, voluntary after-tax contributions, and Roth contributions. Tax-deferred employee contributions and Roth contributions are limited to the annual contribution limit (subject to change each year).  Voluntary employee contributions are not subject to the annual limit.  Participants aged 50 or older may make an additional “catch-up” contribution to the plan (amount allowed is subject to change each year).  Employers may also make contributions to the plan on behalf of the plan participants.  The contribution limit for a 403(b) plan is a combined limit of the employee and employer contributions.  The limit is equal to the Internal Revenue Code Section 415(c) limit and is subject to change each year.  The earnings in the plan are not taxed until withdrawn from the plan.