Plan Administration

Ensuring that your plan remains compliant

With other providers, sponsoring a retirement plan can be a burden. We make sure providing a secure future for you and your employees is as easy as possible! LRS performs all retirement plan administration tasks, including interacting directly with the plan sponsor’s employees, to ensure all Retirement Plan administration is performed thoroughly and timely.

Our retirement plan administration service includes the following employer tools and employee disclosures:

Plan selection and election services
Employer calendar containing deadlines for plan activities
Employee enrollment and participant account set-up
Plan amendments
Summary of material modifications
Assisting fiduciaries with plan investment options
Updated summary plan descriptions
Participant account statements
Distribution disclosures
Loan administration
Employer deferral notices
Matching of employee contributions
Collecting and providing investment materials and fees
Establish administrative accounts and participant accounts as needed
Document management system design for proper in-house Retirement Plan administration
Plan asset rollover services (in/out)
Contributions limit disclosure
Bond set-up
Special services required by plan elections
And More!

HOW IT WORKS

PLAN AMENDMENTS

Laws change frequently and plans need to be amended to comply with the most recent requirements. We'll make sure your plan is current by keeping ourselves up to date on all IRS and Government changes.

RESTATEMENTS

A plan using a custom document must generally be restated every 5 years based on the company's federal ID. We'll make sure your plan stays compliant by taking care of the work and updating you with the results.

RETROACTIVE AMENDMENTS

Despite everyone's best efforts, mistakes can happen. If they do, LRS can help you correct the problem and retain the benefits of your qualified plan, before the IRS or other agencies get involved.

Government Reporting

Even with the best intentions, fiduciary and operational violations can occur with a company sponsored retirement plan. Let LRS take the stress out of compliance to changing regulations by doing it for you.

LRS’s compliance programs are designed to ensure that plan fiduciaries comply with their obligations, protect plan assets, and minimize personal and financial liability wherever possible.

What we can do for you

Plan audit and correction services
415 Compensation testing
416 Top-heavy and ACP/ADP testing avoidance
410(b) Discrimination testing
404 Maximum deductions
Employer contributions
Fiduciary fee evaluation services
Prohibited transaction and other fiduciary violation corrections
Reasonable cause letters for delinquent filers
Evaluation of plan mergers in compliance with the growing governing law and fiduciary prudence standards
Support for hard to value plan assets – qualified employer securities and qualified employer real property
Disaster Recovery Service for documents and legacy records
Any other necessary compliance activities required by a particular plan

We will also prepare and coordinate the submission of the plan to correction programs including: the Internal Revenue Service’s self-correction program (SCP), voluntary correction program (VCP), audit closing agreement program (Audit CAP), the U.S. Department of Labor’s delinquent filer voluntary correction program (DFVCP) and voluntary fiduciary correction program (VFCP)