KSA Group R3 Presentation by Wayne Harrisonv 2010 Wh14 04 10
401k Solution Checklist
1. Sponsoring a 401k plan has
never been so easy.
By adopƟng the BRC solution, you will enjoy dramaƟcally reduced liability, and
a much lighter administraƟve work load. It just makes sense!
BRC SolutionDistribution of Duties TypicalPlan
Exercise due diligence in the selecƟon of the BRC Solution
3(16) Fiduciary Liability: Plan AdministraƟon and OperaƟon
3(21) Fiduciary Liability: Hiring/Firing/Reviewing service providers
3(38) Fiduciary Liability: Investment Management/Fund SelecƟon
Create and Maintain the formal Plan Document
Name a Trustee
Form commiƩees to review, monitor, hire & fire svc providers
Obtain ERISA/Fidelity Bond
Provide annual Summary Plan DescripƟon to parƟcipants
Maintain Beneficiary Forms
Provide EducaƟon -- Advisor and GuidancePlus!
Monitor ParƟcipaƟon Eligibility of all employees
Receive and monitor parƟcipant Salary Deferral OpƟons
Prepare and distribute "Safe Harbor" noƟces
Maintain ParƟcipant accounts (Record Keeping)
Generate and distribute ParƟcipant Statements
Insure ContribuƟons are maintained within IRS limits
Perform all Compliance TesƟng (i.e. ADP, Top Heavy, 410b)
Execute and Collect ParƟcipant Loans
Handle TerminaƟons
Administer Hardship Withdrawals
Handle Qualified DomesƟc RelaƟons Orders ("QDROs")
Determine and Administer Minimum DistribuƟons
Handle Rollovers In and Rollovers Out
Issue 1099’s for DistribuƟons to ParƟcipants
Periodic Review/Remove/Replace Investment Lineup members
Prepare Government Form 5500 for employer signature
Sign and electronically deliver Form 5500
Select auditor for annual Plan Audit (if plan has over 100 parƟcipants)
Upload contribuƟon file aŌer each Payroll
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