Services

In determining the structure of your plan, you will be able to select from services in the following categories:

Plan Design, Documentation and Implementation
Participant Communication and Education
Plan Administration, Recordkeeping, Reporting and Compliance

Administration and Recordkeeping

A successful retirement plan is dependent upon the day-to-day administration and recordkeeping services you receive. Wells Thomas, LLC is committed to a hands-on approach, providing our clients with:

A direct contact to answer any questions or consult on issues concerning a client's plan
Periodic Valuation Reports (annually, semi-annually or quarterly)
Preparation and submission of all government filings required annually

A Paperless Workflow

Wells Thomas, LLC offers the option of electronic transfer of plan administrative data, which can greatly reduce the time our clients spend on the completion of data requests and payroll submissions. We work closely with our clients to make this process efficient and timely.

Plan Design, Documentation and Installation

In most cases, we provide the Plan documents for your Plan, consisting of: an Adoption Agreement, which states the specific provisions; a Summary Plan Description, which describes the plan to participants; and the Trust Document, which contains the standard legal language creating the Plan.

Our technical and actuarial staff will work with you and your advisors to advise you of the plan design alternatives which will allow your plan to meet the company's and the participants' expectations and objectives. We continually advise you of the changes in the law which may require your plan documents to be updated and will periodically make recommendations as to alternatives which may enhance your benefit programs. We prepare periodic newsletters and bulletins which keep our clients and their advisors abreast of topics of current interest in the field of employee benefits.

Participant Communication and Education

The enrollment and communication process can be tailored to suit your needs. We typically hold periodic meetings to explain the plan in operation. Descriptive materials and the summary plan description are made available for presentation. All administrative forms, including beneficiary designations, election forms, benefit payment forms, etc., are provided.

Annual Administration, Recordkeeping, Reporting and Compliance

The valuation reports, which we will prepare for your Plan, will include the following items:

Plan Specifications - Outlines the major provisions of your Plan.
Census Data Listing - Lists each participant's basic census information.
Trust Fund Analysis - Reconciliation of the Trust fund assets to the total of all participants' account balances. Included within the analysis is a summary of Trust transactions, an analysis of Trust earnings, and a list of Trust assets.
Top-Heavy Test - Display of the top-heavy test calculations and a determination of the top-heavy status for the next Plan year.
401(k)/401(m) Tests (if applicable) - Display of the 401(k) and 401(m) average deferral test calculations by participants, along with the recommended corrections if the Plan fails the test(s).
Summary of Account Balances - Listing of Plan transactions for the valuation period (beginning balance, investment gain, contributions, forfeitures, etc.). Individual amounts for each participant are shown, along with Plan totals. The summary also displays basic census data for each participant.

Please note that if quarterly or semi-annual reports are prepared for your Plan, some of the items above will be included only in the final report for the Plan year.

We will also prepare the 5500 series government form, with attachments, to be filed with the Department of Labor annually. If your plan has over 100 eligible participants, we will assist in the completion of the Plan Audit that must be filed with the 5500 series form. A summary of the filing, the Summary Annual Report, will be prepared for distribution to plan participants.

Loan Administration

We will consult with the Plan Administrator/Trustee on procedures and requirements for Plan loans and draft loan procedures for participant reference.

We will also provide a loan application, note and security agreement in order to establish the loan as well as provide and maintain the loan amortization schedule.

Hardship Withdrawals and Benefit Payments

Hardship Withdrawals (if applicable): We will consult with the Plan Administrator/Trustee on the plan requirements for hardship withdrawals and the tax implications to the participant of such withdrawals. We will process applications and determine the procedures for the hardship withdrawals to be certain all qualifications are met.

Participant Terminations and Benefit Payments: We will calculate the benefits due and communicate alternatives to the employee, including applicable IRA transfer and tax withholding rules.

We will prepare appropriate notices, waivers, releases and consents for the participant's and spouse's signature. In addition, we provide the participant and plan sponsor with the appropriate tax reporting forms, including 1099-R, 1096, 945, State Income Tax reporting forms, etc.