Best Practices for Comprehensive Third-Party Administration
Our sister company, Schneider Downs & Co., Inc, provides a team of in-house professionals averaging over 20 years of experience who not only understand how to perform the various discrimination tests required by the government, but will consult with you to determine the most efficient and effective approach to completing your reporting obligations.
The goal of the SD Retirement Plan Solutions service model is to make life easier for our clients. We strive to minimize the amount of time your administrative staff needs to spend each day on managing the operational aspects of a qualified plan, so they can focus on running your organization. Our knowledgeable and experienced in-house team of plan administrators has a thorough understanding of administrative and service “pain points.” Their goal is to provide a single point of contact for your designated administrative representative to maximize efficiency while facilitating the coordination of all administrative needs, including but not limited to:
A Single Point of Contact
Contribution Submission & Monitoring
As a plan sponsor you will be responsible for remitting employee payroll withholdings to a secure website within 3 to 5 business days following the end of each pay cycle, which will allow enough time to complete the contribution process within 7 business days. Please note that the failure to stay in compliance with this strictly enforced Department of Labor guideline could expose the plan to the risk and expense of a DOL examination. The withholding amount that is indicated on the payroll file will be processed automatically via ACH from a designated checking account. SD & Co. administrators will send out automatic e-mail reminders to help promote compliance in this regard, and can also work with current individual payroll providers to facilitate a more automated process.
Our service model includes the in-house capabilities of providing complete loan and termination distribution processing. Our call center provides participants with a personal review of their loan or distribution options. We can outline the timing of payments and confirm amounts. Schneider Downs will then determine if the participant meets the eligibility requirements for the payment and send an email to you as notification of the transaction.