Our services can be tailored to meet your needs. From full administration to one-time consulting projects, Atlantic Pension Services is here to ease the administrative burden of your plan. This could be as simple as on-line payroll data entry to your provider or as complicated as a VCP submission to the IRS.
Retirement Plan Design
Whether it is a start-up or a takeover plan, we provide services for the following types of plans:
- 401(k) Plans
- Solo 401(k) Plans
- Profit Sharing Plans (including individual-class allocation design)
- 403(b) Plans
- 457(b) Plans
- Traditional Defined Benefit Plans
- Cash Balance Plans
- Cash Balance/401(k) Combination Plans
Plan Document Creation
We provide a qualified plan document for all retirement plans we service. For new clients with existing plans, we will restate the plan document during the transition to our company. We can file for an IRS determination letter if requested.
Because we are independent company, we work with all platform providers, such as but not limited to, American Funds, Empower, John Hancock, Lincoln Financial Group, Nationwide, Principal, Transamerica and Voya. We can recordkeep outside assets if you would like to use a provider and self-directed brokerage accounts or self-directed brokerage accounts alone. We will produce annual participant statements that combine both investment products. Your choice of investment providers may affect your net administration costs.
We perform all necessary compliance tests annual or more frequently as needed. As a part of our standard services, we perform ADP/ACP testing semi-annually for non-safe harbor 401(k) plans.
We prepare the Form 5500, an annual informational tax return, and applicable Schedules, and Electronic Authorization Form each year. Once we receive the executed Authorization Form, we electronically file the Form 5500 on your behalf. We will also prepare any necessary 1099-R Forms in the event the provider does not offer this service.
We are serious about retirement plans. Plans can be complicated and Atlantic Pension Services helps to decipher plan document language to insure it can be followed efficiently and accurately. Our consulting practice services can be used once or ongoing to provide specific compliance testing, review plan operations or help resolve plan problems.
Form 5500 Issues
The Form 5500 is due seven months after the end of the plan year. If an extension is filed prior to this due date, a two and one-half month extension can be granted. Returns filed after this time are considered late and subject to substantial penalties of up to $100 per day with a cap of $15,000 per plan year. Using the DOL’s program DFVCP, we will prepare the application and returns missing to avoid such penalties.
IRS & DOL Compliance
Retirement plans must follow their plan document and be restated periodically to incorporate all applicable laws. According to the IRS, plans are considered to be “late amenders” if not timely amended. When the terms of the plan are not followed, operational errors occur. For late amenders and/or operational errors, using the IRS guidelines for plan correction, we guide you through the process to correct these errors. This may involve self-correction, formal application to the IRS’s Voluntary Correction Program (“VCP”) or assistance during audit CAP.
Plan audits can be random, industry specific or based upon data submitted on a Form 5500. Atlantic Pension Services can assist with the preparation in the event a plan is chosen for audit or provide a plan review prior to audit selection. We do have the ability to speak directly with the IRS with your permission. Please contact us as soon as you receive notice!