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Plan Design and Implementation:

Plan design is a critical part of setting up any retirement plan.  We analyze many elements in order to design a plan that will meet the goals and objectives of each sponsor.  QPC consults with each business to understand its unique needs taking into consideration:

  • Plan sponsor’s goals and objectives
  • Employee demographics
  • Company profitability
  • Average length of service
  • Type of sponsoring organization
  • Employee eligibility
  • Plan entry dates
  • Vesting schedules
  • And many other factors

Once a plan is designed, we work with the prior and new retirement plan provider to implement the plan through installation.

Installation Assistance:

During the installations phase of a retirement plan, there are many moving parts that make a plan installation smooth and snag free. QPC assists with items such as: prior plan document collection, a thorough plan review that leads to the plan design that meets a sponsor’s  specific on-going needs, IRS approved volume submitter plan document preparation and Summary Plan Descriptions (SPDs), and provides information to the retirement vendor to ensure proper plan set-up. QPC works closely with all parties from the beginning phases of an installation to the very end.

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QPC works with each client to ensure its plan is in compliance.  We stay on top of  DOL and IRS regulations that affect the retirement industry and conduct an analysis on every client’s plan to determine if plan amendments are necessary. QPC also assists clients through the IRS  Voluntary Correction Program, and IRS audits.

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Government Reporting:

Each year the Employee Retirement Income Security Act of 1974 (ERISA), requires certain reporting for all qualified retirement plans. Most specifically, the Form 5500 Annual Report. Form 5500 is an IRS tax document that is prepared by QPC for client review and signature  that reports the financial activity, employee participation, investments, expenditures, earnings, and more information about the plan for the year. This form must be filed electronically with the IRS every year. We assist with electronic filing also.

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Plan Distributions and Loans:

A fundamental part of retirement plan administration is processing distributions and participant loans. QPC stays squarely involved in all requests and processing of:

  • In service withdrawals
  • Permissible withdrawals
  • Hardship withdrawals
  • Severance from employment
  • Death benefits,
  • Loans, and
  • Qualified Domestic Relations Orders (QDROs)
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Nondiscrimination testing

Most qualified retirement plans must pass rigorous tests annually to ensure that the plans are not discriminatory and continue to qualify for tax advantaged status. When a plan fails a test, the sponsor may have to take corrective measures or be subject to fines. A consequence of failing a test and not correcting the failure could be plan disqualification. Although a plan may be designed to be as fair as possible to all employees, there are many factors that are taken into account during compliance testing. Compliance issues must be considered throughout the design process. QPC has the expertise to conduct and recommend actions to nondiscrimination testing and its pass or fail results.

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Mergers & Acquisitions:

Mergers and acquisitions are a way of life in today’s marketplace. Therefore, it is possible that a business may consider one in the near future. This poses a number of important questions for a retirement plan and its assets. Will an acquisition or a merger affect a sponsor’s retirement plan’s qualified status? What should the sponsor do? Making decisions about the existing retirement plan can be extremely complicated if a sponsor does not have a clear understanding of what happens-and what needs to happen-along the way. QPC will be happy to provide consultation.

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