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How We Assist Your Company with a Qualified Plan

Plan Administration

Alpha & Omega’s objective is to relieve you of the administrative burden involved in the implementation and administration of a qualified plan. Our services include the following:

  • Perform a break-out of the amounts to be invested in the individual investment funds.
  • Maintain all participant records.
  • Assist in determining contribution costs for both defined contribution and defined benefit plans.
  • Allocate salary deferral contributions, employer match, employer discretionary contributions and earnings to individual participant accounts.
  • Produce quarterly employee statements of individual accounts.
  • Perform the 401(k) and (m) Discrimination Tests and other compliance testing requirements as needed.
  • Assist in disclosing all fees and costs associated with the operation of the Plan according to the Pension Protection Act.
  • Determine who is considered “Highly Compensated”
  • Perform the Coverage and Benefits Test.
  • Determine payout amounts to terminating participants.
  • Process all benefit distribution amounts through PenChecks, Inc., the nation’s largest independent distribution company.
  • Process participant loans and hardship withdrawals.
  • Counsel retirees and terminating participants.
  • Provide information to the plan auditors.
  • Prepare all government filing reports.
  • Develop an Administrative Guide to be used by the Human Resources Department.
  • Develop specific policies and procedures to be used in the administration of the Plan.

Investment Selection

Alpha & Omega as a firm does not sell any product or accept commissions or finder’s fees. This has enabled us to remain objective in assisting clients in the selection of investment funds or investment managers to handle the funds deposited to their qualified plans. We will develop the required Funding Policy as detailed by the Internal Revenue Service and if commissioned to do so, we will prepare the Investment Policy Statement as required by the Department of Labor Regulations. Alpha & Omega can also serve as the Investment Advisory Firm. As the Investment Advisor, Alpha & Omega will be eligible to receive advisory fees. See Fee Schedule for fee description.

Document Preparation and IRS Filing

Alpha & Omega has Prototype Plan documents available. Our General Counsel can also draft individually designed plans when necessary. Under either approach, Alpha & Omega will prepare the plan and trust documents for review by your company and its legal counsel. We will also prepare all Department of Labor and Internal Revenue Service forms and schedules for qualification of the plan on an as needed or requested basis.

  • Application for Determination Letter From the IRS
  • Employee Census Forms
  • Power of Attorney Forms
  • IRS User Fee for Employee Plan Forms
  • Compliance Analysis under the current Revenue Procedure

Employee Communication

Communication of the Plan is critical, especially in 401(k) Plans where it is vitally important that a large number of the lower-paid employees enroll because of the discrimination testing. Employees must understand the advantages of the Plan and their investment options, and feel comfortable with how the Plan works. Alpha & Omega can assist your company in communicating the Plan to your employees and working with any other outside advisors. Alpha & Omega can provide the following types of communication materials to help promote the Plan to employees:

  • Payroll stuffers
  • Pamphlets Describing the Benefits
  • Plan Highlights Piece
  • Enrollment Booklets
  • Most Commonly Asked Questions
  • Summary Plan Description

Alpha & Omega can perform any or all of the following additional services for your company:

  • Produce copies of summary plan descriptions, letters to employees or any other printed material.
  • Participate in meetings, either to explain the Plan to new employees or to review the plan’s annual activities and performance with participants.
  • Design audio-visual presentations and supervise their production.
  • Coordinate and supervise the work of suppliers such as design firms, printers and audio-visual specialists.
  • Make available our generic audio-visual programs and pre-printed marketing material.
  • Provide appropriate and accurate translations of our communications material in Spanish or other foreign languages as needed.
  • If necessary, provide translators to assist during the initial enrollment meeting.
  • Train specifically identified individuals within the organization to assist us in communicating
    with the non-English speaking workforce.