Self-Directed 401k Administration
Tenet Financial Group provides continuous Self-Directed 401(k) administration. These services include annual administration, determining eligible participants, additional benefits, allocation of contributions, compliance testing, maintenance of plan records, administration reports, and consultation with your accountant, attorney or financial advisor.
Administration reports can be furnished annually, semi-annually or quarterly dependent on request. Administration services may include:
- Calculation of minimum required and maximum tax deductible employer contributions. "Top-Heavy" testing is performed to satisfy compliance for plans that primarily benefit key employees (60% of benefits) and must meet requirements on minimum contributions and accelerated vesting
- Preparation of Allocation Reports (defined contribution plans). Inclusions consist of summaries and plan financial statement similar to the Valuation Report listed above
- Determination of minimum participation, coverage, and discrimination testing
- Preparation of Average Deferral Percentage (ADP) and Average Contribution Percentage (ACP) tests for all 401(k) plans. The ADP and ACP are non-discrimination tests. The amount of contribution for highly compensated employees is limited by the average deferral package contributed by non-highly compensated employees under these test rules
- Calculation and preparation of the vested balance and necessary disclosure forms for employee status changes (due to retirement, termination, disability, or death) for submittal to the employee. Distribution statements and 1099-R forms will be furnished for benefit distributions
- Reconciliation of employee census information and plan financial statements
- Perform an annual compliance review of written plan with actual plan operation goals and objectives.