Third Party Administration
The Law Offices of R. David Danziger takes pride in providing the most comprehensive annual TPA services with the consistent aim of maximizing VALUE for clients and providing personalized hands-on services. The following annual services are available:
- Personally communicate with clients at least twice each year to ensure your Plan design and operations are properly tuned to your needs.
- Attorney supervision of all services.
- Consult with clients to identify changes in business ownership, profitability, cash flow, employment of family members, and other issues, such as changes in laws and regulations that may impact the Plan’s operation or client’s contribution strategy.
- Help clients to remain flexible by enabling them to maximize contributions in good years and minimize contributions when necessary.
- Review employee census to assist in determining employee eligibility.
- Consult with client to identify which participants are to be favored and which employees are to be minimized, or excluded, for contribution purposes.
- Counsel owners and other Highly Compensated Employees (HCEs) on 401(k) deferral strategies, and review alternative strategies in the event employee participation is too low to support maximum deferrals.
- Review elective testing strategies with client, such as Safe Harbor, Top Paid Group and other elections that can improve the plan’s value for clients. Draft all elections and notices necessary to implement client testing decisions.
- Calculate, illustrate and recommend an annual plan contribution for review and approval by client. Run alternative scenario, on request.
- Perform all testing required to support the Plan’s contribution scenario and tax qualified status, including minimum coverage, non-discrimination, top-heavy and ADP/ACP tests.
- Provide written confirmation of annual contribution, for adoption by client. Send copies to accountant in order to coordinate to assist in obtaining all possible tax deductions.
- Provide annual plan level report to Sponsor.
- Prepare and provide Summary Annual Report (SAR) and such other participant disclosures as are required by law (except for investment information required under ERISA Section 404(c) – which shall be the duty of the trustee and may be delegated to the investment provider selected by the Plan’s trustee).
- Assist in determining participant vesting.
- Process participant distributions, hardship and loan applications to the extent applicable under the plan.
- In the case of Defined Benefit plan, we contract with Enrolled Actuaries to obtain all necessary actuarial services, including Annual Valuations, Form 5500 Schedule B. We also support all PBGC filing requirements.
- Prepare Form 5500 and all applicable schedules.
- Ongoing consulting, as needed, throughout the year.
The following services are not included within the scope of the Agreement and are subject to additional fees:
- Plan design, implementation and/or restatement.
- Representation of Sponsor or Plan in IRS or Department of Labor audits, investigations or litigation.
- Plan amendments, whether required by changes in the law or management decisions.
- Plan Termination services.
- Plan mergers, spin-offs, interim valuations, conversion of investments and similar studies, ruling requests and/or services resulting from Sponsor decisions or corporate transactions.
- Processing of Qualified Domestic Relations Orders (QDROs), participant claims beyond mere processing of distributions, or litigation, or other services relating to participants’ exercise of rights that cannot be resolved in one hour.
- Design and implementation of corrective or remediative actions.
- Transition and takeover of existing plan(s), including review of prior plan documents, operations and administration to determine current compliance, reconcile plan records to government filings and supporting asset records, and to establish records on accounting and administration systems.