401(k) Administration

Benefit Analysis, Inc. can provide for the full administration of 401(k) Retirement Plans.  BAI can assume all or part of the operational and administrative details associated with the employer's 401(k) plan duties.  Some of these duties are listed below.

• Respond to employee inquiries and requests for information
• Process distributions, loans, hardship withdrawals, etc.
• Maintain HR and payroll records as needed for the operation of the plan.  Reconcile payroll data. Prepare transmittal of data from payroll to record keeper. Reconcile employee contributions, employer match, vesting, etc.
• Determine employee's entry and eligibility as a plan participant.  Forward plan enrollment information to employees and assist them with enrollment questions.  Maintain employment information regarding vesting, service, breaks in service, etc.
• Define employee contribution data from payroll information and prepare data for ADP and ACP tests
• Distribute plan and funding options materials and other reports from and to the trustee and administrator
• Provide for the transfer of funds to plan trustee from Finance
• Provide information to the auditors for the preparation of the annual audit