Third-Party Administration Services & Fees for Retirement Plans
Our third-party administrators are CPA’s who also practice in individual and company taxation, perform financial audits and compliance audits of large (over 100 participants) defined contribution/defined benefit plans and who hold 401(k) administration certifications from the American Institute of CPA's, the National Institute of Pension Administrators (NIPA) and the American Society of Pension Professionals & Actuaries (ASPPA).
As your TPA, we make it easy for you by providing all Plan information at your fingertips via our conveniently accessible and secure online portal. Documents in the portal include the original Plan Document, amended Plan Documents, Summary Plan Description (SPD), Summary Annual Reports (SAR), annual Form 5500 filings, a copy of your ERISA fidelity bond insurance coverage you provide, a copy of annual census information you provide, annual reporting information provided by your fund provider/platform and our invoices.
Our fees include testing and compilation of your Plan as required under IRS and DOL regulations, the preparation and submission of annual Form 5500 filings and preparation of annual safe harbor notices as required. Our Safe Harbor plans include the option for Roth provisions, loans, hardship distributions and other discretionary profit sharing options. As always, we are pleased to provide additional consulting or accounting services outside of the terms below upon request; fees for these additional services will be quoted per request.
The BEST 401k Plan - Forrestall PLAN (MEP)
In 2012, the Department of Labor increased the requirements for 401k plan fee disclosures. The new requirements require disclosure of roughly half of the fees that can be associated with 401k plan. Jeff decided that more transparency is better and created the “Forrestall Plan” with complete transparency of all associated 401k plan cost. Jeff is the designer and the sponsor of the “Forrestall Plan”.
Forrestall CPAs is the Third-Party Administrator of the plan providing administration services. These services include: annual preparation and filing of form 5500, compliance testing, enrollment assistance, assist with participant roll-overs, participant loans, and payroll set up for your Company. We also provide additional consulting and planning services at your request. We know 401k plans inside and out. Jeff designed the Forrestall Plan to both save your employees money and save your Company money.
How does the Forrestall Plan offer a better 401k Plan at 1/3 of the average price? The design of the plan removes the commission/broker fees and has negotiated a lower cost of investments through the Forrestall Plan having in excess of $30 million dollars. Our efficiency comes with over 25 years of experience.
• No brokers or middlemen
• No commissions received
• Low-cost index funds and low-cost diversified funds
• No Asset Management charges, no mark-ups or hidden layers
• Quarterly performance reports of the investments offered in the plan
• Funds selected by independent advisor (no commissions)
• Investment policy for the plan
• No TPA fees (or auditors fees) paid by the Company
The customized BEST 401k Plan - Forrestall PLAN (PEP)
The MEP is the best plan when you are looking for all of the options listed above, but there is no customization in the MEP, no changes. If you want 'most' of all of the bullett points above we can customize what you need with a Pooled Employer Plan (PEP).