Each year an administrative package will be prepared for your plan.
Based on the employee census and trust accounting information you supply, the determination of the plan year contributions for tax planning purposes will be made. Subsequently, trust fund activity is summarized in financial statements, an annual return, participant information and government reports.
You will receive an administration booklet for your records, and forms will be prepared for your filing with the appropriate government agency.
Components of your plan administration include:
-Review of trust income statement and balance sheet
-Determination of accrued and vested benefits
-Calculation of required and allowable contributions
-One set of calculations
-Calculation of employee eligibility and plan entry
-Preparation of summary annual report
-Preparation of IRS/DOL Form 5500 and Schedules
-Preparation of plan management reports
-Allocation of pro-rata contributions, earnings and forfeitures
-Preparation of individual participant statements Related Government Distribution Forms:
-1096, 1099-R -945 to report federal income tax withholding