“As a wealth management consultant, I work with multiple third party administrators but Wells Thomas is usually my first choice when referring clients. In addition to their comprehensive knowledge and direct access approach, I like the fact that they were one of the first companies to use revenue sharing funds to offset their fees instead of pocketing it as additional, hidden income.”
-Wealth Consultant, Milford, CT
“In the 10 years that I have been working with Wells Thomas as our company’s plan administrator, they have consistently demonstrated a deep knowledge of current and best practices, and have delivered customized services in a personable yet professional manner. I appreciate their responsiveness and can count on their accuracy.”
– Carol Myers, Controller
“Wells Thomas has functioned as the third party administrator for our firm’s retirement plan since its adoption in 1990. Over the 25 years of our relationship, we have found their services to be professional, complete and timely. We routinely recommend them to our clients who are in need of the services they provide.”
-Louis Criscuolo, Partner
“Sirois Tool Company has used Wells Thomas as our profit sharing plan/401k third party administrator for over 30 years. Obviously, in that time period, there have been many changes at Sirois, at Wells Thomas and with ERISA rules, but everything has always been handled professionally and efficiently. Sean, Kris and their team have been a pleasure to work with.”
-Alan Ortner, President & Owner, Sirois Tool Co., Inc.
Wells Thomas, LLC
568 East Main Street
Branford, CT 06405
West Hartford, LLC
10 North Main Street
West Hartford, CT 06107
Trusted partners in retirement plan services.
The Wells Thomas team provides consulting and administrative services for over 900 retirement plans. Plan types include 401(k), profit sharing, prevailing wage, 403(b), 457, cash balance and traditional defined benefit plans. With an average of more than 20 years experience in the field, each staff member is focused on providing straightforward yet comprehensive strategies that best fit the individual needs and objectives of each and every client. Understanding that the success of a retirement plan is a direct result of the administrative services received, all of us at Wells Thomas are committed to a hands-on approach in providing a full array of options.
It takes the combined expertise of a third party administrator like Wells Thomas, an investment advisor, and a recordkeeper to optimize each client’s retirement plan. Our technical staff works directly with clients and their advisors to develop design alternatives which will allow your plan to meet the company’s and the participants’ expectations and objectives, as well as meet all regulations and avoid duplication of effort.
Design options are comprehensive and developed to meet the specific needs of the client organization, from the traditional and more basic plan design to those that are more defined or industry-specific.
Basic Plan Design:
- 401(k) Retirement
- Profit Sharing
Advanced Plan Design:
- Defined Benefit
- Prevailing Wage for Construction Contractors
- 403(b) Plans for Public Schools, Tax-Exempt Organizations
- 457 Plans for Government Employees
A thorough and balanced plan design is just the beginning of retirement plan services offered at Wells Thomas. We continually advise on any changes in the law which may require plan documents to be amended, and periodically make recommendations for changes which may enhance benefit programs. Document service includes:
- Adoption Agreement
- Basic Plan Document
- Summary Plan Description
- Automatic Model Amendments
- Bi-Monthly Newsletters
A “Paperless” Workflow: Wells Thomas offers the ability of electronic transfer of plan administrative data, greatly reducing our clients’ time spent on the completion of data requests and payroll submissions. Our client website allows immediate access to all current plan documents, as well as other plan related materials.
ANNUAL REPORTS & FILINGS
A Wells Thomas team member is assigned as the dedicated administrator for each client plan, working in collaboration throughout the year, and leading the preparation of the year-end valuation reports. Annual reports and compliance filing items include:
- Plan Specifications
- Census Data Listing
- Contribution Allocations
- Non-Discrimination Testing & Compliance
- Plan Level and Participant Level Account Information
Other year-end services include preparing the 5500 series government form with attachments and filing electronically with the Department of Labor on an annual basis. If a plan has over 100 eligible participants, we assist in the completion of the Plan Audit that must be submitted with the 5500 series form. A summary of the filing, the Summary Annual Report, is then prepared for distribution to plan participants.
When plan participants opt to borrow or take a distribution from the plan, Wells Thomas helps coordinate the process with the plan recordkeeper. In situations where the recordkeeper does not prepare the required forms, we do so.
Customized retirement plans that fit your client needs: At Wells Thomas we are proud of our long history of successful collaboration with accountants and other financial advisors. We understand the impact that a retirement plan has on a client’s cash-flow and tax savings, and know that off-the-shelf, cookie-cutter plans are not the best strategy for clients with varying needs. We use a straightforward, team approach to developing a plan strategy that responds to the specific client needs and objectives.
We work side-by-side professional advisors and their clients, taking as much, or as little, of a lead role in the plan process as requested. Services we can provide include:
- Consultations with client at no charge
- Plan types: 401(k), Safe Harbor, Integrated Profit Sharing, Cross-Tested Profit Sharing
- Plan types: Defined Benefit, 403(b), Davis Bacon
- Side-by-side plan design comparisons
- Year-end contribution projections
- Annual employee educational meetings to review the plan and any changes
- Assistance with plan audits (DOL and IRS)
- Plan reviews
- Paperless workflow capabilities
Wells Thomas is a go-to resource on retirement plan regulations for local CPAs and investment professionals. We welcome all questions, even if it is not pertaining to one of our clients. Feel free to call us at 800.637.6677 and ask to speak to one of our plan administrators.