As a plan sponsor, ensuring that your retirement plan is well-managed and compliant with regulations can be a daunting task. That’s where California Pensions and its sister companies come in. Our fiduciary services, offered through Thrivia, Inc., provide comprehensive solutions to help you navigate fiduciary duty and the complex world of retirement planning. How does this work? Discover the full scope of our fiduciary services and how each component can maximize your plan to the fullest.
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What to Expect from California Pensions’ Fiduciary Services
Plan Document Maintenance
We review and update your plan documents as needed so that they’re up to date with the latest regulations, making sure to reflect any changes in your plan’s operations. This will prevent you from making costly errors due to your plan not being in compliance with all legal requirements.
Distributions and Loans Review
Another important aspect of our fiduciary services is reviewing all distributions and loans. We’ll carefully go over all requests for distributions and loans to ensure they comply with your plan’s rules and regulations.
Eligibility Assessments
Keeping track of how your employees fit into your plan can be difficult. We do a comprehensive overview of participant data to be certain that each employee is eligible to participate in your plan and that they receive the appropriate benefits.
Participant Communications
Clearly communicating information to your plan participants is vital to any successful planning strategy. That’s why we’ll see that all required notices are delivered to participants in a timely and accurate manner. Thus, you can rest easy knowing they’re fully aware of their rights and responsibilities under the plan.
Form 5500 Signing
Filing your form 5500 is a crucial aspect of plan management that can have major consequences if overlooked. The DOL penalty for late filing can run up to $2,529 per day, with no maximum and the IRS penalty is $25 a day, with a maximum limit of $15,000. We’ll ensure that your plan’s annual report is filed promptly and correctly, guaranteeing compliance to avoid expensive penalties.
Plan Operations Reviewal and Recommendations
Over time, your plan may need to evolve; however, without the right professional knowledge, it’s difficult to know just what action to take. California Pensions helps by reviewing and recommending changes to plan operations as needed so your plan operates at peak performance.
Why California Pensions?
California Pensions’ fiduciary services provide a comprehensive solution for plan sponsors who want to guarantee that their retirement plan is well-managed and compliant with regulations. By partnering with California Pensions, you can rest assured that your plan is in good hands and that you’re providing your employees with the best possible retirement benefits.
By having a company like ours help you with fiduciary services, you know you are getting a company that understands your needs as a small business owner. We face many of the same challenges and can appreciate how relieving you of some of the more technical aspects of plan administration are crucial for plan success.
William Barbato (Executive VP and COO, California Pensions)
If you’re looking for a trusted partner to help you manage your retirement plan, look no further than California Pensions. Learn more about our professional services and how we can help you.
