Capital Wealth Management:
- Provide assistance with the design of an investment process to assist with regulatory compliance
- Selection and monitoring of Plan investments
- Provide quarterly benchmark report of Plan's investments
- Perform Annual Review
- Participant Education Services
- Organize Participant Enrollment Meetings/Webinars
- Assist terminated employees with understanding their distribution /rollover options
- Act as conduit between third party administrators and service providers
- ERISA 3 (21) ( A) Fiduciary
Custodian:
- Holding and safeguarding plan assets
- Execution of investment instructions as provided by Recordkeeper
- Provides Paying agent services (Issues checks and wires as directed) and withholds and forwards Federal and State Taxes at participant level
- Provides dedicated Plan Sponsor website with online access to distributions (including check status), contributions, Form 1099sand ACH pull scheduling for payroll funding
- Allows for Same-day Exchange Trading of investments offered by the plan.
- Certified Annual Trust Statements, including consolidated reports for IRS form 5500 preparation
Record Keeper:
Communication Services
- Quarterly Participant Statements – Delivered Online
- 800 Number & Web Access for Account Inquiry and transactional processing
- Prepares Annual Participant Notices including Safe Harbor Notice
Administrative Services
Accounting
- Process Contributions & Distributions based on information received from the Plan Sponsor
- Provides Summary Report of Trust Activity (quarterly)
- Determination of Vesting Percentages and Annual Calculations of Forfeitures and Allocations – Annually or at time of distribution
- Values all participant accounts daily
- Balances custodial account to recordkeeping balances by fund daily
Compliance Testing & Consulting Services
- ADP/ACP Testing (Waived as Plan is currently a Safe Harbor Plan)
- Annual Additions Limits
- Coverage testing
- 401(a)(4) Average Benefits Test Additional/Multiple Eligibility Provisions
- 402(g) Annual Deferral Limit Dual/Split/Multiple Vesting Schedules for Employer Sources
- 404(c) Deduction Limit Earned Income/K-1 Calculation
- 410(b) Minimum Coverage Test Match Contribution True-Up (Annualization)
- 415(c) Annual Additions Limit Multiple Locations Requiring Separate Payrolls/Valuations
- Top Heavy Test and Contribution Calculations (if app) Multiple Employer - separate testing
- Provide completed Form 5500 and applicable Schedules for submission to the DOL
The record keeper is not the ERISA Plan Administrator, as defined in Section 3(16)(H) of Title I of ERISA, and it does not have discretionary authority or control in making decisions about administration of the Plan.