A Full Range of Business Services

Customized Retirement Plan Design

At Millennium Pension Consultants, your organization’s tax benefits and business goals are our top priorities when designing or amending your retirement plan. We take a personalized approach that aligns with your company’s structure, budget, and long-term objectives.

Our Plan Design Process

We follow a comprehensive, step-by-step process to ensure your Qualified Plan meets both compliance standards and strategic goals:

  1. Business Evaluation

We begin with a detailed review of your organization, including:

  • Employee and fiscal history
  • Management objectives and operational goals
  • Required participation policies for plan inclusion
  • Turnover rates among rank-and-file employees
  • Projected employment trends that could impact the plan
  1. Employee Census Analysis

We analyze your current and historical employee census data to uncover opportunities for:

  • Maximizing benefit potential
  • Improving plan efficiency and fairness
  1. Complimentary Plan Proposals

We provide:

  • Free plan proposals
  • Unlimited plan illustrations based on the benefit structures you’re considering
  1. Education and Compliance Guidance

We ensure you have a clear understanding of all plan components, including:

  • Eligibility requirements
  • Government-mandated compliance testing
  • Benefit formulas and vesting schedules
  • Distribution rules and retirement age provisions

Ongoing Plan Administration

Once your trust account and retirement plan are in place, Millennium provides expert annual administration to ensure your plan remains compliant, efficient, and aligned with your financial objectives. Using your organization’s annual census and financial information, we help you meet your desired contribution levels each year.

Annual administration includes:

  • A thorough review of employee census data and trust account reconciliation to confirm accuracy and consistency.
  • Coordination with plan auditors, if applicable, to support a smooth and accurate audit process.
  • Preparation and filing of IRS Form 5500, including all required schedules and attachments.

We also perform all required government compliance testing, including:

  • 402(g) Elective Deferral Limits
  • 410(b) Coverage Testing
  • 416 Top-Heavy Determination
  • 401(a)(4) Nondiscrimination Testing
  • 401(a)(26) Minimum Participation Requirements
  • 415(c) Maximum Annual Contributions
  • 404 Deductible Contribution Limits
  • Catch-Up Contribution Eligibility
  • ADP (Actual Deferral Percentage) Testing

Plan Design and Implementation

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Selecting, customizing and implementing a plan can be a complex process. Our professional staff will guide you through each step of the process including: Review the employer’s controlled group and/or affiliated service group situation. Design a plan tailored to meet the needs of the owners, employees and the business itself. If we are taking over a plan already in existence, we will review the existing plan provisions and recommend changes to fully meet the employer’s goals and objectives. Prepare plan documents as required by the IRS. Prepare the request for an IRS determination letter, if applicable. Prepare the Summary Plan Description that is required to be distributed to plan participants. Prepare customized enrollment and administrative materials.

Defined Contribution Plan Record Keeping and Administration

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We perform the following services in order to provide smooth and efficient plan operation:

  • Calculate employee eligibility and plan entry.
  • Maintain participant vested percentage records.
  • Determine eligibility for allocation of employer contributions and forfeitures.
  • Allocate employer and employee contributions.
  • Allocate plan earnings.
  • Allocate forfeitures, if applicable.
  • Calculation of distribution amount, preparation of required distribution notices, release forms and IRS Form 1099-R.
  • Loan processing: Set up of loan accounts, preparation of promissory note and amortization schedule and tracking loan repayments.
  • Hardship withdrawal processing: Determination of hardship distribution amount and preparation of application forms.
  • Reconcile trust accounts.
  • Prepare customized participant statements.
  • Monitor participants who are required to receive age 70½ distributions.

Cash Balance /Defined Benefit Plan Plans - Actuarial Services and Administration

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Our professional staff has the expertise and up-to-date technology to provide the necessary actuarial and administrative assistance to manage your defined benefit plan:

  • Calculate employee eligibility and plan entry.
  • Maintain participant vested percentage records.
  • Determine eligibility to receive benefit accrual.
  • Prepare annual actuarial report and certification.
  • Actuarial determination of required employer contributions.
  • Preparation of individual benefit statements.
  • Distribution processing: Calculation of distribution amount, preparation of required distribution notices, release forms and IRS Form 1099-R.

Annual Compliance Testing and Government Reporting

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Our professional staff has the knowledge and expertise to help keep your retirement plan in compliance with federal laws and regulations and, should violations occur, provide you with methods of correction. We provide the following services, if applicable:

  • Contribution deductibility calculations (§404).
  • Annual additions testing (§415).
  • Top heavy testing (§416).
  • Coverage testing (§410(b)).
  • ADP/ACP testing (applicable to 401(k) plans).
  • Preparation of IRS Form 5500 and related schedules.
  • Preparation of Summary Annual Report for participants.
  • Preparation of appropriate PBGC form (for defined benefit plans only).

Consulting Services

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  • Plan amendments, terminations and mergers.
  • Assist with IRS and DOL audits.
  • Provide assistance with plan design changes.
  • Conduct special plan or participant benefit studies or projections.