When it comes to designing and administering pension plans, trust is paramount. When every detail counts, you can count on the deep knowledge and broad experience of Benefits 21 LLC, Friedman LLP’s Pension Administration Services Group. Our experts design and administer fully customized pension plans that benefit owners and officers — and attract and retain top talent.
Our pension administration services are specially geared for businesses, organizations and professional practices with up to 1,000 employees. As part of Friedman, a leading accounting and consulting firm, Benefits 21 is uniquely suited to evaluate the tax effects of plans on the company and its owners, and to design solutions that minimize tax liabilities.
Equally important, we recognize the distinguishing characteristics of exceptional service providers in a crowded marketplace. Our pension and benefits administration services are built around these hallmarks:
- Up-front work to understand your business in detail.
- Complete customization of pension and benefit plan solutions based on our industry, the specifics of your business and the potential tax implications.
- Active partner and senior-level involvement from professionals with decades of industry experience.
- An assigned administrator for each client - giving you a "go-to" person rather than a call center.
- Proactive communication to keep work on track and keep you apprised of updates and developments.
- Attentiveness and responsiveness - always.
Put your pension administration in the hands of trusted experts - connect with a member of the Pension Administration Services team, or contact us.
Friedman provides fully customized pension administration services to companies, organizations and professional practices. Services include:
Defined Benefit Plans
- Actuarial services
- Cash balance
- Floor offset
- 412 (e)(3)
Defined Contribution Plans
- 401(k) (including Roth)
- Safe harbor
- New-comparability profit sharing
- Traditional profit sharing
- Money purchase
Typical Annual Plan Administration Services
- Preparation of IRS Form 5500 and summary annual report
- Plan asset reconciliation
- Calculation of employer and employee contributions
- Allocation reports preparation
- Eligibility determination
- Determination of HCEs/key employees
- Earnings and forfeitures calculations
- Top-heavy and ADP/ACP non-discrimination testing
- Vesting calculations
- Fidelity bond review
- Fiduciary protection (§3(16), §3(21), and §3(38) services)
- Fiduciary exposure review, 404(c) compliance
- Preparation of participant statements
IRS/DOL Compliance Issues Resolution
- DOL delinquent filer voluntary compliance program
- DOL voluntary fiduciary correction program
- IRS audit closing agreement program
- IRS self-correction program
- IRS voluntary correction program
- IRS Form 5500-EZ Delinquent Filer Penalty Relief Program
- Plan document preparation and compliance
- Plan loan issuance, documents and administration
- Qualified Domestic Relations Order (QDROs) preparation
- Benefit distributions including tax withholding, tax reporting and 1099-R preparation
- IRS/DOL mandated plan audits (provided though Friedman LLP)
- 404(c) advisory services
- Accounting for defined benefits plans - pension (ASC 715-30)
- Accounting for other postretirement plans (ASC 715-60)
- Investment policy statements
- Investment review
- Money manager platforms for 401(k) plans
- Participant enrollment services
- Third-party fiduciary services