A Full Range of Business Services

Your organization’s tax and business benefits are of first consideration in designing your retirement plan(s). Discussions of specific business needs, budget restraints, and required benefit provisions are prioritized when customizing your new plan or amending your existing plan. The following steps are taken in designing a Qualified Plan:

  • Examination of your business’ employee and fiscal history, specific management objectives desired, incorporated policies required of each employee in the plan, rank and file employee turnover, and projected employment status which might impact the plan.
  • Analysis of complete present employee census information, including historical data which might determine more positive benefit potential
  • Free proposals and unlimited illustrations based on benefits you would like to see for your organization.
  • Explanation of eligibility requirements, government required compliance tests, benefit formulas, distributions, vesting, and retirement dates.

Once your trust account and plan is effective, Millennium offers expert annual administration of your plan and will be sure to obtain your desired level of contribution per year based on your organization’s annual census and financial information. Annual administration functions include::

  • Review of census information and trust reconciliation
  • Government compliance tests including 402(g) limit, 410(b) coverage, 416 top-heavy determination, 401(a)(4) discrimination, 401(a)(26) plan benefit, 415(c) maximum contribution, 404 deduction amounts, catch-up contribution, and ADP tests
  • Coordination with plan auditors
  • Preparation of IRS Form 5500 and required schedules

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.