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Plan Setup – Creating plans in the recordkeeping or testing software based on the plan document’s information.

Census Data Management – Review client spreadsheets for missing or inaccurate employee census data that is critical to the completion of Compliance Testing work.

Daily Processing

  • Payroll – Uploading and posting plan contributions on the client’s software for the purpose of Trade and Investment
  • Distributions – Processing Employee’s Distributions like Hardship, In-service, Termination etc., on the recordkeeping platform. Often a multi-day process of creating the transaction and placing the sells followed by confirming the trades and sending the check request file.
  • Loans – Processing Employee’s Loan through the Employee’s Loan application. Also a multi-day process
  • Rollover – Employee account transfers will be made through the Rollover application.

Contribution Calculation – Involves calculation of all types of employer contributions.

Compliance Testing – We handle the necessary nondiscrimination testing and generate the reports for defined contribution plans to include 410(b) coverage, 415 annual limits, Top Heavy, 402(g), 401(a)(4) non-discrimination, ADP and ACP testing.

Trust Accounting – Reconciliation of the Investment information of the plan with the contribution details.

Valuation – Maintaining of Individual Participant’s source level account balances in the client’s trust accounting software along with the Investment information and calculating the vested account balance.

Form 5500 Preparation – Preparation of IRS forms and Schedules for both audited and non-audited plans.

Year End Packages – Compiling of all compliance, Valuation, 5500 Reports & other reports for a plan year.

Plans handled in Congruent:

  • 401(k)
  • Safe Harbor
  • 403(b)
  • Profit Sharing plans
  • Money purchase plans
  • SIMPLE Plan
  • Solo(k) plans