Say yes to BPAS Actuarial & Pension Services. We provide Defined Benefit (DB) Plan consulting, plan design, preparation of plan documents, and administration services for companies like yours across the US and Puerto Rico.
- Discuss your needs and determine the best plan design to accomplish those objectives
- Review existing plans to determine if any compliance issues need to be addressed, and outline the necessary corrective measures, if applicable
- Review company issues with respect to any existing plans, and suggest solutions
- Compare alternative plan designs, such asTraditional Defined Benefit, Cash Balance, or the addition of a Defined Contribution Plan (i.e., 401(k), Profit Sharing, Money Purchase, 403(b), 457(b), or 457(f) Plans).
- Incorporate tiered benefits and contributions with multiple plans to achieve desired results
- A DB Volume Plan, Summary Plan Description, and support documents for adoption and submission to IRS (where applicable), both for Traditional DB and Cash Balance Plans.
- A Puerto Rico-compliant traditional DB Plan or Cash Balance Plan, Summary Plan Description and support documents for adoption and submission to Hacienda.
Recurring Administration Services
- Review of company data for reasonableness
- Determine eligibility
- Compute plan benefits and liabilities
- Compute employer and employee (if applicable) contributions
- Participant communication, including participant statements and required notifications
- Nondiscrimination compliance and testing
- Benefit packages, including statements for terminated or retired participants with required disclosures and election forms
- All governmental forms to ensure compliance with regulatory disclosures and election forms
- Secure online portals for plan sponsors and participants to streamline and expedite service delivery
Plan Termination Services
- Review termination options
- Prepare documents for plan termination, including necessary resolutions, amendments and/or restatements
- Required participant notifications
- Benefit packages and distributions of benefits to participants with required disclosures and election forms
- All governmental forms and support documents, including everything required to reflect final distribution of plan assets
Want to learn more? Contact us at TrustSales@bpas.com or call 866-401-5272.