For Financial Advisors
Atlantic Pension Services is an independent, non-producing TPA. For all new fee proposal requests, we use the TPA service credits to offset our administration costs. In addition to fee proposals, we will also work with you to provide plan design illustrations for the employer. We can accompany you to client meetings to provide support.
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 or the client wants 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. Keep in mind, the selection of investment provider will affect the net administration costs. For a provider specific fee proposal, please request so here [link to Proposal Requests].
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 the client’s 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
Form 5500’s that are filed late or not filed at all must be submitted to the Department of Labor (“DOL”) as soon as possible. Using the DOL’s Delinquent Filer Voluntary Correction Program (“DFVCP”), we assist the employer through the application process.
IRS & DOL Compliance
We guide the employer through the Internal Revenue Service (“IRS”) and DOL correction programs to bring plans back into compliance. Although not an ERISA attorney, we can refer to local attorney firms for technical or complicated cases.
Plans are subject to random periodic IRS audits to insure compliance with the Internal Revenue Code. 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.