Complete Retirement Plan Services

KFI's Retirement Administration Functions

  • Plan Document Services
    • Customized plan design and document setup using the Kelly Financial prototype or volume submitter plan document
    • Summary Plan Description, Summary of Material Modification, Loan Policy
    • Plan Administration Manual with administrative forms
    • Model amendment and employer initiated amendment
  • Plan Conversion / Takeover
    • Oversee the transfer of Plan Assets to the New Custodian
    • Prepare Black-out Notice
    • Training to insure smooth payroll contribution processing with New Custodian
    • Insure historical data that is provided to KFI is carried forward
  • Annual Plan Administration Service
    • Apply the rules for determining eligibility for participation in or benefits under the Plan
    • Reconcile plan assets into Balance Sheet and Income Statement format
    • Perform Discrimination Testing including the following:
      • 410(b) Coverage Test
      • 401(a)(4) General Allocation/Benefit Test
      • 416 Top Heavy Test
      • 414(s) Compensation Testing
      • 404 Contribution Deductibility Testing
      • 402(g) Deferral Limit
      • 401(k) Average Deferral Percentage (ADP) Test
      • 401(m) Average Contribution Percentage (ACP) Test
      • 415 Annual Additions Test
      • Minimum Gateway Test
    • Track contributions by source
    • Update vesting
    • Track beneficiaries
    • Allocate or verify employer contribution
    • Preparation of government reporting package:
      • 5500 and related schedules
      • 5558 Extension of Time
      • 5300 Excise Tax
      • 1099R and 945 (if not performed by Custodian)
    • Preparation of Summary Annual Report
  • Special Administration Services
    • Loan processing
      • Ensure loans are in compliance with all requirements of the Plan and the law
    • Maintain Plan Document compliance
    • Prepare materials containing information required to be communicated to employee/participants
    • Track the 5 year non-exclusion period for Roth 401(k) participants
    • Prepare reports required by Federal and state governmental agencies for review, execution and filing by the designated officers of the Employer
    • Process plan benefit distributions
      • Send participant distribution form, required employee notice, spousal consent form and participant cover letter
      • Calculate final vesting
      • Process involuntary cash outs
      • 70 ½ Required Minimum Distribution
      • Refunds
    • Review and process Qualified Domestic Relations Order
    • IRS Audit Assistance
    • Payroll contribution monitoring and/or processing
    • Special ADP and ACP testing
    • Contribution or Testing Projections
    • Plan Mergers, Spin-Offs and Terminations