All successful companies know that good management is at the core of success. Even the most ingenious business idea is worth little unless it is managed intelligently. This principle holds equally true for retirement planning. Good intentions are worth about as much as the paper they’re printed on.
Good management means corporate governance– adhering to a system of rules, practices, and principles that take into account all of the parties involved: shareholders, management, customers or clients, employees, suppliers, financiers, and the community at large.
Just as government is charged with balancing the interests of various groups in a community, corporate governance means doing what’s best for all parties, and balancing those needs as realistically as possible.
At Pension Services, Inc., we understand that retirement planning is a delicate balance of competing interests. Maximizing employee benefits while reducing tax exposures, avoiding undue penalties to the corporation while protecting workers’ security . . . all come under the rubric, ‘retirement planning’.
The area of employee benefits in general– and retirement planning, especially– requires a thorough grasp of current regulations covering taxes, labor law, and corporate responsibilities. It’s an area where the rules change frequently, and success depends on a close monitoring of the legislative, regulatory, financial landscape. Specific and sophisticated skills are needed to track every aspect of retirement planning– from corporate goals to budgets, from benefits to tax issues.
PSI is an independent entity with no ties to the insurance or brokerage industries. Therefore we can truly say that our clients’ interest is our first and only consideration. On top of that, PSI boasts a staff of specialists whose training and background is specifically geared towards corporate governance in the area of retirement planning.
Our legal staff includes two ERISA attorneys and a certified legal assistant. Together with your legal staff, they work to accomplish the following:
- prepare plan documents and keep them up to date
- draft and finalize technical amendments
- provide legal and financial announcements for participants
- apply for IRS determination letter
- prepare and submit IRS approval forms
- prepare annual DOL and PBGC report forms
- offer IRS, DOL, and PBGC audit support
- assist investment providers to implement the plan
- prepare and submit required plan restatements
- provide required notices to plan participants
- monitor changes in legislation, regulations, rulings, and court decisions to make sure the plan is structurally compliant at all times.
Plan sponsors will breathe easier knowing that PSI provides the administrative support and expertise they will need to satisfactorily comply with all regulations of the Internal Revenue Service, Department of Labor, Pension Benefit Guarantee Corp. and Hacienda.
Our staff is experienced and knowledgable at complying as well with ERISA, IRS and DOL regulations, and resolving issues concerning accounting discrepancies, non-discrimination testing, record-keeping, and related requests from the client.