Bush Retirement Plan Services designs, implements and administers defined contribution and defined benefit plans based on each client’s needs and goals. Our reputation has been built on customized planning and personalized service. We are dedicated to the success of each plan sponsor and its retirement plan.

Plan Design and Review

During plan design, we listen to our clients, identify their needs and study employee demographics that include employee type, compensation, age, longevity and level of sophistication. From our research we develop defined contribution plan projections comparing different designs, such as 401(k), Safe Harbor 401(k), Cross Tested and Profit Sharing plans.

For small business owners, whose only employee is the owner, we offer the Solo 401(k) plan.

In addition, we offer 403(b), defined benefit and cash balance plans.

After the initial plan design, we provide a thorough plan review annually.

Plan implementation

A successful plan, whether a start-up or a conversion of an existing plan, must be easy to implement and maintain. To ensure that, we provide coordinated guidance to the client, financial advisor, recordkeeper and payroll provider during implementation.

Plan Administration

When partnering with us, our clients are also partnering with leading recordkeepers, ERISA attorneys and actuaries committed to delivering expert advice and timely customer service that meet the highest ethical standards.

Depending on the plan’s design, we coordinate enrollment and educational meetings with the financial advisor and recordkeeper. We help streamline administration by offering reports in electronic formats so plan sponsors are not burdened with excessive paperwork.

Plan Compliance and Reporting

Annually we review the plan’s performance to ensure that it has been administered according to the plan document and that it is in compliance with federal regulations. In that review we also reconcile the plan’s assets, verify the accuracy and timeliness of employee deferrals, perform the non-discrimination testing and prepare the government filings. As part of the annual review we prepare projections and offer recommendations for the plan’s improvement and growth. These are reviewed with the plan sponsor.

Plan Corrections

Any retirement plan can fall out of compliance because of changes in the complex rules and regulations of the Internal Revenue Service (IRS) and Department of Labor (DOL). Plan sponsors can unknowingly cause problems that must be corrected, such as not understanding the plan’s eligibility requirements or making distributions that are not authorized by the plan. When the sponsor fails to follow the plan’s terms, the plan can be disqualified, threatening the sponsor and participants with the loss of tax deductions on prior contributions.

The IRS has several correction procedures for resolving qualification failures in a qualified plan, all of which require additional employer contributions, penalties and fees assessed by the IRS and DOL.

Bush Retirement Plan Services works with sponsors to determine the nature and extent of the plan problems, and recommends the appropriate correction. We stay involved at every step of the procedure and make sure the correction is executed properly and promptly. If needed, we also represent the plan sponsor at IRS inquires.

Plan Terminations

Plans can be terminated because of various business decisions: mergers, acquisitions, closure and abandonment. A termination is final when assets are distributed and Form 5500 is filed with the DOL. We review all the requirements of a termination with the plan sponsor before determining the appropriate method of action.

Because a plan must first be in compliance to be terminated, we review and correct any qualification failures prior to the termination. The DOL and IRS have procedures to follow in processing a plan termination, including:

  • Establishing a termination date
  • Ensuring participants become 100 percent vested in employer contributions
  • Notifying all eligible participants and locating missing participants
  • Completing distributions within one year of the termination date

With extensive experience in directing more than 100 plan terminations over a 30-year period, Bush Retirement Plan Services will efficiently manage a plan termination by guiding the sponsor or actively handling the many administrative responsibilities as termination manager.