Installation Services
Once the planning has been completed, we at Millennium Pension Solutions provide a full range of installation services, including:
- Assistance in the preparation of the plan documents and Trust.
- Preparation of the Summary Plan Description.
- Consultation with attorneys, accountants and other adviser to secure qualifications of the plan from the Internal Revenue Service (IRS).
- Preparation of documents for submission to the Internal Revenue Services, the department of labor and Pension Benefit Guaranty Corporation (PBGC).
- Establishment of participant and plan file records.
- Employees Benefit Meetings, if desired.
Administrative Services
To insure that the plan continues to meet IRS objectives and extensive reporting and disclosure of ERISA, Millennium Pension Solutions provides the following review services on an annual basis:
- Preparation and maintenance of employee’s census data for updating subsequent valuations.
- Obtain required annual data from financial adviser and or accountant direct. Carbon copies of all attempts provided to client.
- Assistance and reminders to update employee beneficiary and survivor-ship notices as well as required increases or decreases to surety bond coverage.
- Preparation of an actuarial valuation, including determination of costs and liabilities, amount of liability for vested benefits, deductible amount under the Federal Tax Code, and amount required to comply with the Minimum Funding Standard Accounts, where required.
- Determination of annual contribution. Allocation of employer and employee contribution, forfeitures, and trust fund earning to individual accounts.
- Preparation of computer generated statement for each plan participant.
- Preparation of Annual Return /Reports (5500 Series) with supporting schedule for submission to Pension Welfare Benefit Agency (PWBA), PBGC or IRS.
- Preparation of Form PBGC-1 for annual reporting to the including calculation of annual premium, where required.
- Preparation of Summary Annual Report.
- Preparation of 1099R and 1096.
- Annual Employees Benefit meetings; if desired.
- Provide assistance to employer in establishing and maintaining administrative procedure.
- Provide carbon copy of all important correspondence, tax forms and calculations to accountant and or other financial advisers.