We will review your plan documents, participant communication materials, and prior administration reports to interpret your plan provisions and ensure a smooth transition. This enables us to determine if any amendments are required for plan compliance and allows us to make recommendations regarding improvement.

Tenet Financial Group provides all on-going annual services, including mandatory testing to demonstrate compliance, participant statements, employer reports, and signature-ready 5500 series tax forms for the IRS.

Retirement laws are complex in nature and, as such, we believe it is necessary to have an open line of communication with you to provide understanding of the provisions and governing regulations concerning your plan. Our consultants are highly-trained and invest considerable time working with the Internal Revenue Service, the Department of Labor, and the Pension Benefit Guaranty Corporation, the governing agencies that regulate all employee benefit plans.

Before you implement a new or amended Self-Directed 401(k) plan, the plan must be submitted to the Department of Labor (DOL) and the Internal Revenue Service (IRS) for approval (qualification) to assure the plan is qualified. Tenet Financial Group’s Self-Directed 401(k) plan has been pre-approved by the IRS. The qualification process is necessary to make the plan and trust operative as well as guarantee initial plan approval under the appropriate IRS Code Sections. During Self-Directed 401(k) plan qualification and implementation the following occurs:

• Preparation of IRS qualification and Department of Labor approval documents (Form 5300 Series, Form 5302, Form 2848, Form SS-4)
• Consultation as necessary with the Internal Revenue Service or the Department of Labor
• Preparation of a Summary Plan Description of major plan provisions for employee distribution.

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 depending 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.