We handle the complexities of ESOP Administration, ensuring the plan stays compliant. Partner with us to simplify the Administration tasks and focus on achieving broader goals.
Our firm provides end-to-end outsourcing services to ESOP TPAs allowing them to focus on delivering top-tier client service. We handle critical tasks like participant record management, compliance testing, and transaction processing, and regulatory compliance. Our flexible & scalable outsourcing model helps TPAs reduce operational costs and enhance service delivery without sacrificing quality.
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 ESOP Contributions are computed as per Annual Plan limits.
Nondiscrimination Testing: We process compliance tests like 410(b), 414(s), Top-Heavy, 409(p) & One-Third tests.
We also process corrective actions if tests are not passed.
Manage all ESOP-related transactions.
Regular reconciliations of accounts ensure accurate financial reporting. Preparation of Amortization Schedule, identifying maximum eligible contributions, processing of transactions like Contributions, Dividends and Interests.
Form 5500: Preparation and filing of the annual Form 5500 and related schedules accurately and on time.
Annual Statements: Annual statements detailing ESOP account status, including the number of shares allocated and current valuation, are provided.
Processing ESOP distributions for participants who are retiring or leaving the company, ensuring compliance with plan terms and regulatory requirements. Also, identifying participants eligible for distributions based on their vested balance and age. Calculating diversification calculation.
All tests and reports are aligned to IRS requirements.
We deliver timely & customized reports, providing clients with clear insights into the Plan’s status.
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.