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Friedman LLP

Pension Administration Services | Benefits 21 LLC

Pension Administration Services | Benefits 21 LLC

Plan for the future to attract and retain top talent today.
  • Overview
  • Service Menu
  • Insights & Events

Overview

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.

Service Menu

Friedman provides fully customized pension administration services to companies, organizations and professional practices. Services include:

Defined Benefit Plans

  • Actuarial services
  • Cash balance
  • Traditional
  • Frozen
  • 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

Other Services

  • 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

Insights & Events

  • October 13, 2020 How COVID-19 Relief Programs Impact Your Pension Plan Administration

    Various forms of government relief have been issued in an effort to soften the economic impact of COVID-19. As the...

    Read more
  • January 15, 2020 The SECURE Act – How Substantial Changes to Retirement Plans and IRAs May Impact You

    The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE” or the “Act”) was signed into law by...

    Read more
  • November 7, 2019 Client Alert: IRS Announces 2020 Limits Affecting Qualified Plans

    Each year, the IRS announces tax inflation adjustments for the following year. The tax inflation adjustments are based on changes...

    Read more
  • January 14, 2019 Proposed changes to the hardship distribution regulations for 401(k) & 403(b) plans

    On November 9, 2018, the IRS released proposed amendments to the hardship distribution regulationsapplicable to 401(k) plans (“Proposed Regulations”) that...

    Read more
  • October 13, 2020 How COVID-19 Relief Programs Impact Your Pension Plan Administration

    Various forms of government relief have been issued in an effort to soften the economic impact of COVID-19. As the...

    Read more
  • January 15, 2020 The SECURE Act – How Substantial Changes to Retirement Plans and IRAs May Impact You

    The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE” or the “Act”) was signed into law by...

    Read more
  • November 7, 2019 Client Alert: IRS Announces 2020 Limits Affecting Qualified Plans

    Each year, the IRS announces tax inflation adjustments for the following year. The tax inflation adjustments are based on changes...

    Read more
  • January 14, 2019 Proposed changes to the hardship distribution regulations for 401(k) & 403(b) plans

    On November 9, 2018, the IRS released proposed amendments to the hardship distribution regulationsapplicable to 401(k) plans (“Proposed Regulations”) that...

    Read more
  • October 23, 2017 IRS Announces 2018 Limits Affecting Qualified Plans

    Each year, the IRS announces tax inflation adjustments for the following year. The adjustments are based on changes to the...

    Read more
  • October 28, 2016 Client Alert: IRS Announces 2017 Limits Affecting Qualified Plan

    Each year, the IRS announces tax inflation adjustments for the following year. The tax inflation adjustments are based on changes...

    Read more
  • August 2, 2016 SEP, Simple or Traditional Pension Plan: An Employer's Best Option?

    When an employer considers establishing a retirement plan for their organization, there are numerous factors to consider. How much will...

    Read more
  • October 29, 2015 Alert: IRS Announces 2016 Limits Affecting Qualified Plans

    Each year, the IRS announces tax inflation adjustments for the following year. The tax inflation adjustments are based on changes...

    Read more
  • February 19, 2015 February 2015: Pension Insights

    A 401(k) plan permits employees to contribute (an “elective deferral”) and invest funds under a company-sponsored plan before federal incomes...

    Read more
  • November 17, 2014 Satisfying the Compliance Requirements for a Plan to Maintain its Tax-Qualified Status

    All members of a controlled group are treated as a single employer and the plan must satisfy the following compliance requirements for a plan to maintain its tax-qualified status.

    Read more
  • November 17, 2014 Controlled Groups' Effect on Retirement Plans for Family Owned Businesses

    Most business owners make the decision to start up a retirement plan for a specific company and employees in mind. When establishing this plan, owners should be aware of the effects being part of a controlled group of trades or businesses can have on the company. Joint ownership in other business ventures must also be taken into consideration to ensure the retirement plan is compliant with Internal Revenue Service and Department of Labor regulations, as well as addresses minimum coverage, nondiscrimination and plan documentation requirements.

    Read more
  • August 18, 2014 All Qualified Plan Documents Must Be Restated

    If you sponsor a 401(k) or other type of defined contribution retirement plan for your employees and use a "pre-approved"...

    Read more
  • May 19, 2014 Why Defined Benefit Plans are Best

    The defined benefit plan was the way corporate America first met retirement needs of employees over the age of 65....

    Read more
  • February 24, 2014 What is a New Comparability Plan?

    In previous years, choosing a profit sharing allocation method was simple. Pro-rata, percentage of compensation or a formula utilizing the social security wage base just to name a few.

    Read more
  • November 12, 2013 Cash Balance Plans: A perfect fit for seasoned professionals in the services industry

    In many instances, professionals in the early years of developing their practices will delay putting funds aside for retirement.

    Read more
  • September 13, 2013 "Safe Harbor" and Deposit of Employee 401(k) Contributions

    Although The Department of Labor (DOL) published final regulations on January 14, 2010 (and effective on that date) providing "safe harbor" rules governing timely deposit of employee 401(k) contributions...

    Read more
  • View all Insights

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People
  • David I. Waddington
    David I. Waddington
    CPA, Partner
    dwaddington@friedmanllp.comp 732.818.3369
    f  732.818.9633
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