Merit Benefits Group, Inc. A third party retirement plan administration service provider
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Our Services

Because we are a full service consulting and administration firm, partnering with us ensures that your needs and the needs of your employees will be met. We offer a full range of retirement plan services. Click below for details of the services provided.

 


Plan Design and Implementation

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.
  • Provide plan documentation as required by the IRS.
  • Request IRS determination letter, if applicable.
  • Provide the Summary Plan Description that is required to be distributed to plan participants.
  • Prepare customized enrollment and administrative materials.
  • Conduct employee meetings to communicate the provisions of the plan.

Defined Contribution Plan Recordkeeping and Administration

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

  • Calculate employee eligibility and plan entry.
  • Maintain all participant records, including employee and employer contributions, forfeitures, investment gains and losses, and vested percentage.
  • Assist employers in processing each payroll, allocating contributions and loan payments according to the participant's investment elections.
  • Preparation of comprehensive employer/trustee reports.
  • Determine eligibility for and allocation of employer contributions and forfeitures.
  • Preparation of all administrative forms.
  • Monitor compliance and testing as required under IRS Regulations (see below)
  • Allocate forfeitures, if applicable.
  • Distribution processing: 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 70 distributions.

Defined Benefit Plan Actuarial Services and Administration

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 all participant records, including benefit and vested percentage.
  • Determine eligibility to receive benefit accrual.
  • Prepare comprehensive Employer/Trustee 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

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:

  • Monitoring of Qualification requirements (401).
  • Contribution deductibility calculations (404).
  • Minimum Participation and Coverage testing (410)
  • Monitoring of Minimum Vesting Standards (411).
  • Monitor compliance with Definitions and Special Rules (414)
  • Annual addition of benefits and allocations testing (415).
  • Top heavy testing (416).
  • ADP/ACP testing (applicable to 401(k) plans).
  • Preparation of DOL/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

  • 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.
     


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