401(K) Profit Sharing Plans
- Completion of an annual valuation to determine the required and/or maximum permissible contributions.
- Completion of one or more valuations per year allocating contributions, forfeitures, investment earnings, and plan expenses among the eligible employees.
- Preparation of a valuation report for each valuation presenting the results of the valuation, a statement of assets and liabilities, a statement of receipts and disbursements, and pertinent information regarding the participants in the plan and their accounts.
- Furnishing each participant with a Statement of Account for each valuation.
- Completion of the average deferral percentage and average contribution percentage tests specified in Internal Revenue Code Sections 401(k) and 401(m).
- Preparation of required annual reports to the Internal Revenue Service and Department of Labor.
- Preparation of a Summary Annual Report for distribution to the participants.
- Calculation of amounts payable to participants who terminate employment, become disabled, die or retire, and preparation of forms so that payments may commence.
- Preparation of papers for loans to participants and hardship distributions.
- Maintenance of historical records for each participant including terminated and retired participants.
- General supervision of the operation of the plan and availability at all times to answer questions regarding the plan.
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