Outsourced 401(k) Plan Administration

 

Our firm has assisted many clients through the years by filling the gaps they have in the administration of their internal benefit plans. We have a unique background, specializing in both the technical compliance and internal administration of 401(k) retirement plans.  Our Principals’ backgrounds include plan auditing from both the financial statement and IRS/DOL perspectives. Additionally, our relationships with plan providers allows us to better navigate the external administration of the plan, making it as efficient as possible.

Combined our Principals have over 50 years of industry experience in the benefit plan and human resources industries.  We have the technical training and experience to fully understand and assess your Plan’s administrative needs. Our ongoing involvement will ensure your Plan will operate efficiently and in compliance with the multitude of laws and regulations surrounding qualified plans. 

CHRS can assist your Company by providing high-quality plan compliance and administration in a timely manner to best serve the Company and participants.  Specific tasks provided are based on our conversation with you and may include the following: 

  • Oversight and review of weekly payroll funding
  • Audit of deferral and loan feedback files for accuracy
  • Oversight of loan administration including setup for payroll, approval, and ongoing monitoring of loans for delinquency/missed payments
  • Monitoring automatic enrollment and automatic escalation processes
  • Review of match calculations, both by pay period and annual discretionary match
  • Monitoring rehires to ensure vesting, break in service rules, and re-enrollment procedures are followed
  • Coordination and oversight of the annual financial statement audit
  • Assistance with Form 5500 review and filing
  • Compilation and review of census data for annual non-discrimination testing
  • Assistance with any plan compliance issues and necessary corrections
  • Other items that should arise during our engagement to address the needs of the Company; CHRS is fully customizable to meet client needs and objectives.
  • Assistance preparing participant communications
  • Assistance managing and responding to participant inquiries regarding the plan
  • Assistance with selecting vendors including TPAs, Investment Advisors, ERISA attorneys, etc.