LOISELLE, GOODWIN & HINDS
CERTIFIED PUBLIC ACCOUNTANTS

Retirement Plan Administration

More and more businesses are setting up a variety of retirement plans for company personnel to take advantage of these plans’ ability to shelter income from state and federal income taxes, and to contribute to the retirement goals of both owners and employees. These retirement plans can take many forms, such as profit sharing plans, money purchase pension plans, and 401(k) plans. Many businesses are also finding that the administration of these plans can be difficult and time-consuming and are outsourcing this function to third party administrators.

As the third party administrator for your plan, we would provide summary annual reports for all participants and prepare Form 5500 each year. In addition, twice a year we will perform testing of the plan to make sure it is not discriminatory in favor of highly compensated employees. If the plan is found to be discriminatory at an interim period, there will still be time to correct the problem and avoid penalties or disqualification of the plan. Finally, we will be available for consultation throughout the year whenever you need answers, and we will advise you if federal legislation requires your plan to be amended. Other services we can provide, if needed, are education of employees as to investment choices and preparation of plan financial statements.

If you have been thinking of hiring a third party administrator, or are unhappy with the one you are using now, consider Loiselle, Goodwin & Hinds. We have the advantage of being local and always available to field your questions. For existing clients, we also have the advantage of knowing the rest of your business from doing other work for you.

Key Benefits

Semiannual testing to ensure compliance with regulations

Annual accounting to participants and the IRS

Available for consultation at any time

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Last modified: July 09, 1999