As Third Party Administrator (TPA), Trendcepts assists the Plan Administrator and Employer in the day-to-day operation of its qualified plan to ensure compliance with constantly changing rules and regulations. Services include, but are not limited to, document design, preparation of the annual return/reports (5500), running the required compliance tests, document support and required updates, paperwork for loans and distributions, recordkeeping and participant communications.
All of our services are performed using worksheets for proper and accurate calculations, checklists to ensure completeness of reports, regular peer review and mandatory supervisory review.
A plan should be designed to best meet the employer's financial goals and economic capabilities. Plan parameters must be reviewed regularly to make sure they continue to meet the goals for which they were established. Modifications in the plan are recommended as changes in the employer's situation dictate. Trendcepts also makes sure to keep clients apprised of changes in the law through our website and through our year-end updates.
Trendcepts will perform a thorough review of your plan document and administrative procedures to determine if you are operating your plan in compliance with IRS regulations. This service is available not only for existing clients but for any employer who may wish to have their existing retirement program critiqued.
Delinquent Filer Voluntary Compliance Program Assistance
If your annual return/report (5500) has not been filed timely or you have not filed multiple returns, we will assist you in preparing the late return(s) and submitting them through the Delinquent Filer Voluntary Compliance (DFVC) Program.
Most employers operate their plans with the best of intentions but sometimes inadvertent errors in operational procedures are made, required amendments are not timely adopted or transactions are not handled properly. When these failures occur, corrections have to be made as quickly as possible.
The Department of Labor (DOL) offers a Voluntary Fiduciary Correction Program (VFCP) that allows plan officials to identify and fully correct certain transactions such as late deposits of deferrals, improper loans and party-in-interest purchases or sales or other prohibited transactions.
The Internal Revenue Service (IRS) offers the Voluntary Correction Program (VCP) for operational and/or qualification failures in plan administration or documentation, most often with a small sanction that is insignificant compared with the sanctions imposed should the IRS discover those same errors during a plan audit. The IRS also has a Self-Correction Program (SCP) that allows a plan to self correct certain insignificant failures without going through a formal submission process.
Trendcepts will help determine which Correction Program is appropriate and work with the Employer and their legal advisors to either prepare a formal correction for submission or to assist in taking the necessary steps and procedures to accomplish a full self-correction.
For more information on these programs, links to the DOL and IRS programs can be found in the "Resource Center " section of our website.
We have successfully assisted clients through Internal Revenue and Department of Labor audits for over 30 years.