Streamline your operations with our all-in-one outsourced Defined Contribution / 401(k) Plan Administration services. We provide precise, reliable, and timely solutions, ensuring your plan is managed efficiently while you focus on your core business.
We meticulously review and correct the employee data to ensure their basic and annual information is accurate.
While identifying eligibility, we ensure Plan provisions are adhered and eligibility conditions are closely vouched to compute participation date accurately.
We ensure Deferrals and Employer contributions are computed as per Annual Plan limits. We are well trained for complex calculation like Safe Harbor Contributions, Profit Sharing Maximization and Integrated contributions etc.
Regular reconciliations of Trust Accounts to ensure accurate financial reporting and compliance with disclosure and compliance responsibilities. This involves identification of earnings, receivables, processing of distribution and loan transactions. We also highlight any corrective actions required to be done by Recordkeepers.
Nondiscrimination Testing: We process ADP (Actual Deferral Percentage), ACP (Actual Contribution Percentage), Top Heavy test, Coverage test, Gateway/General tests and Compensation tests.
We also process corrective actions if tests fails including issuing refunds calculation or making additional contributions.
Form 5500: Preparation and filing of the annual Form 5500 and related schedules accurately and on time.
Participant Statements: Detailed participant statements outlining account activity, balances, and investment performance are generated and distributed.
Finbuzz Financial Services offers a comprehensive suite of support services specifically tailored for US Defined Contribution Plan Third Party Administrators.
These services are crafted to streamline administrative and compliance processes, utilizing specialized expertise and an efficient outsourcing model.