We believe you should have a Third Party Administrator (TPA) who is well trained in pension and benefit plans and understands income tax and estate tax savings. Our goal is to help business owners put the largest amount of money possible into a company retirement plan, gaining the maximum tax deduction for the contribution, with the majority of this contribution going to the owner(s). We are one of a handful of CPA firms in our area that also offers TPA services. We believe this is a great matching of professional expertise, as most of the TPA services are directly related to IRS requirements and taxation.
Planning and design:
At Forrestall, Galeano and Li, our goal is to help you select the best possible retirement plan. We will listen and provide support in attaining your corporate objectives. We will assist you in designing a plan that meets the objectives of your company and help you identify a resolve any outstanding problems.
At Forrestal, Galeano and Li, we provide a full range of consulting services for all retirement plans, including:
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Plan Design and Document Services.
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Plan Implementation.
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Assistance in obtaining ERISA Bond coverage.
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Plan administration and Consulting Services.
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IRS or DOL Audit Support.
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Large Plan ERISA Audit Services.
We can design a single plan or a combination of plans to achieve your ultimate goal, including:
Types of Retirement Plans
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Profit Sharing Plan |
Cash Balance Plan |
|
401(k) Plan |
Defined Benefit Plan |
|
Safe Harbor 401(k) Plan |
Combination Plans |
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Cross-Tested Plan |
Supplemental Retirement Plan |
|
ESOP Plan |
|
We will work with you, your financial advisor, and if necessary, your legal counsel to create a qualified plan to fit the requirements of your company.
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Interview owners/shareholders to determine goals and objectives.
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Consider the total tax savings (company and key employees or owners).
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Net cost/benefit calculations performed net of all fees and taxes.
Any specific goals or objectives are reviewed so as to assure that your plan is designed to properly meet your needs.
Document Services include:
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Plan Design
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Preparation of Adoption Agreement, Plan and Trust documents
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Preparation of Summary Plan description
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Preparation of Notice to Interested Parties
Tax Return Preparation
Preparation and Filing of Form 5500 and related schedules annually.
Preparation and Filing Form 5310, as necessary, to terminate a qualified plan.
Preparation and Filing of Form 945, 1099R and 1096 for plan distributions, annually.
ERISA Plan Audits:
We also offer audit services to 401(k) plans for companies with more than 100 employees to comply with the IRS and Department of Labor regulations. ERISA Audit Services.
Ongoing Services:
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Plan Recordkeeping/ Participant Statements.
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Allocation of Contributions, Forfeiture and Investment Gains and Losses.
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Determination of Eligibility and Highly Compensated Employees.
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Complete and through testing – Annually.
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Determination of Control Group Limitations – when applicable.
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Determination of Affiliated Group Limitations – when applicable.
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Determination of Management Service Groups – when applicable.
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Plan Distribution Services.
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Compliance with Loans, Hardship, terminations and In-Services Distributions.
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QDRO determinations.
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Preparation of Plan Amendments and Plan Restatements.
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Support and Guidance regarding Regulatory inquiry and Audit by the DOL or IRS.
Fees:
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Plan Design is quoted and paid at engagement.
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Administrative Service Fees are based on a flat base and eligible participant count.
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Hourly for Consulting and TPA Services.
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Retainer Based for projects.
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ERISA Audits are quoted with a retainer paid in advance.
Our Education:
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Annual advanced certified pension and employee benefit training.
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We understand and include the corporate, individual, estate and gift tax effects when designing plans.
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Certified by the American Society of Pension Professionals & Actuaries (ASPPA) and the American Bankers Association (
ABA
).
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We will meet with your employees/investment advisor to train your HR staff on how to enroll employees – an hourly rate applies.
Investment Services:
We do not assist you in determining where to invest your assets, but we will assist you in finding the best investment firm to fit you and your plans needs.
To aid you in your selection process, we have designed two FAQ’s…one for the plan sponsor responsibilities and one for the financial advisor responsibilities. Please contact us for these informative sheets.
We are not a producing TPA. However, we currently work the following providers – Great West, American Funds, John Hancock and ING.
