Third Party Administrator Minneapolis

Pinnacle Plan Design is a third party administrator (TPA) for employer-sponsored qualified retirement plans. We specialize in retirement plan design, administration and actuarial consulting. Pinnacle is proud to offer retirement plan administration services in Minneapolis, MN (Minnesota), as well as nationally.

Blog Excerpt

Safe Harbor Benefits

Employee deferral and employer match contributions to a 401(k) plan must comply with non-discrimination rules. Annually the pre-tax and Roth 401(k) deferrals of Highly Compensated (HC) participants are compared with those of Non-highly Compensated (NHC) participants, and if the spread between the two is too great, corrective steps (often refunds to HC participants) are required; this comparison is referred to as the Average Deferral Percentage (ADP) test. A similar test is performed on the employer match (and non-Roth after-tax employee deferrals), referred to as the Average Contribution Percentage (ACP) test.

Fee Disclosures for Plans on a Recordkeeper Platform

“My recordkeeper handles my fee disclosures.” Sure about that? Many plans required to provide annual participant fee disclosures under ERISA 404(a)(5) utilize a recordkeeper’s services. A recordkeeper calculates a participant’s plan account balance on a daily basis by money type and investment. Often participants can access their account balance detail via a recordkeeper’s website.

PBGC

The Pension Benefit Guaranty Corporation (PBGC) is a federal agency created by the Employee Retirement Income Security Act of 1984 (ERISA) to protect pension benefits in private-sector defined benefit plans.
If a plan is terminated without sufficient money to pay all benefits, PBGC’s insurance program will pay the benefits to participants up to certain limits set by law. The PBGC’s financing comes from insurance premiums paid by companies whose plans are covered and from assets of pension plans taken over by the PBGC, but not from taxes.

Contact: Third Party Administrator Minneapolis

Pinnacle Plan Design is proud to offer retirement plan administration services in Minneapolis, MN (Minnesota), and surrounding areas including Columbia Heights, Golden Valley, Saint Louis Park, Robbinsdale, Roseville, Crystal, New Brighton, Richfield, New Hope, Fridley, Brooklyn Center, Edina, Saint Paul, Shoreview, and Mounds View.