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Plan Design

Careful plan design is a key element for the success of any retirement plan. When a new plan is provided by PenServ, the current program is reviewed by the Consulting Group that includes a comparison of the plan provisions to the most current regulations. Employer goals, policies and procedures, as well as employee census, valuation data and components of the employer demographics are considered in the analysis of recommended plan provisions.

In most cases, IRS approved prototype or volume submitter documents are used to meet the plan document requirements. However, if the employer requires an individually designed document, our Consulting Group can direct and assist with the design and submission to IRS.

PenServ Document Services Include:

  • Review of existing document and forms
  • Comparison of documents to administrative practices
  • Recommendation for updates (if necessary)
  • Preparation of Plan Document
  • Summary Plan Description
  • Administrative Forms
  • Distribution of SPD and Plan Forms to employer web site
  • Submission to IRS (if required)

Daily Recordkeeping

Maintaining participant records on a daily basis requires sophisticated systems that are able to execute trades, process transactions and update accounts on a timely basis. The PenServ system processes data on a transaction-day basis and displays information to the participant web site. The site is designed to provide detailed transactions, pending items and the ability to track web instructions entered by the participant.

PenServ offers a complete menu of Daily Services:

  • Secure systems to protect participant information
  • Daily account transactions
  • Automated daily payroll processing
  • Daily update of plan values
  • Notification of scheduled payrolls due
  • English and Spanish Internet and Voice System
  • Current Rate of Return and fund information
  • Fund prospectuses
  • On-line Enrollment
  • Paperless loan processing
  • Automated distributions
  • On-line standard or customized reports for Plan Sponsor and Participants
  • Asset allocation modeling capability
  • Customizable Plan Sponsor Web Site
  • Quarterly Participant Statements mailed or posted to web
  • Special Audit Reporting package
  • Semi-annual discrimination testing reports
  • Annual management and valuation report
  • Signature-ready IRS Form 5500
  • Summary annual report
  • Employer contribution calculations
  • Toll-Free Participant Service Center
  • Dedicated Relationship Team