Designing and implementing a retirement plan is a challenge in itself, requiring information gathering, analytics, legal and actuarial expertise. But even the best plan can be thrown off track if not administered professionally.
PSI employs an ‘A’ team of administrators, actuaries, accountants, and attorneys who have years of talents invested in the field. Our third-party administrators draw on a rich store of in-house resources to make sure the job is done right.
Just consider a few of the many tasks associated with managing a retirement plan:
- generating financial statements
- tracking deposits and withdrawals
- documenting receivables
- generating balance sheets
- producing income statements
- creating cash analyses
- analyzing investments
- reconciliation of W-2s
- tracking employer deposits
- communicating with in-house accountants
- verifying accruals
That’s just the beginning. PSI staffers also assist with participants’ account records; keep track of forms to be filed; issue valuation reports and annual reports; and keep clients abreast of fast-changing requirements in the field.
Every client company has a unique demographic profile. Vigilance and attention to detail are required to keep the retirement plan hewed to the client’s situation.
For that reason, PSI employs a census department to collect census data for annual administration, to ensure compliance and validation. In the process, we collect and analyze the following information:
- K-1 income
- W-2 income
- schedule C income
- hours worked
- birth dates
- hire dates (for rehire purposes)
- termination dates
- Social Security numbers
- marital status
- legal officers and owners of the corporation
PSI also assumes an ongoing commitment to monitor each retirement plan for contribution testing (Actual Deferral Percentage and Actual Contribution Percentage), and annual and estimated contributions. We also handle non-discrimination screening and benefits statements.
At PSI, we step in to assist with any audit or corrections required to the plan, continuously monitoring to make sure the client’s plan stays on the right course. Our professional administrators work with the CPA to coordinate deductions, accruals, deposits, and other plan-related financials.
Our accounting specialists prepare financial and trust reports, statements to track deposits and withdrawals, as well as a receivables analysis. We also make sure that deposits are made to the correct accounts and sources. For plans with more than 100 participants, PSI can provide auditor financial statements. We perform accounting both on the participant level and the plan level, according to W-2 wages, on a cash and accrual basis.
You may depend on PSI for all of the myriad tasks associated with administering a sophisticated retirement plan. Call for an appointment to discuss how your client might benefit from working with our firm’s ‘A’ team.