B & B Benefits Administration Inc. provides a wide range of employee benefits services, including general consulting and administration for all types of qualified retirement plans and welfare plans. We can assist you in every step of the process, including:
- Benefits Consulting B & B Benefits Administration Inc. has a strong network of professionals, including actuaries, and benefits specialists, available to consult with and advise you on employee benefit related matters.
- Plan Selection and Design The first and most important step in the employee benefits planning process is to assist our clients in designing and selecting the right type of employee benefits program for their company and employees. This generally involves understanding the clients goals, budget concerns, demographics; reviewing and evaluating their present benefit structure; proposing various options that meet their needs and the philosophy of the Plan Sponsor; and then selecting and designing the type of employee benefits program that is right for them.
- Plan Documentation Implementation and Qualification. B & B Benefits Administration, Inc. will implement for you the appropriate type of plan for your program, whether it’s a prototype plan (standardized or non-standardized), a volume submitter plan, or a an individually designed plan. We will also provide all related plan documentation, such as summary plan descriptions, loan procedure documents (including truth-in-lending disclosures), administrative forms, and any other related materials. B & B Benefits Administration, Inc. makes it a part of their standard implementation process to prepare IRS determination letter applications requesting tax-qualification for your specific plan.
- Plan Administration and Compliance Employee benefits programs generally must adhere to complex rules, regulations, and testing requirements enforced by the Internal Revenue Service (IRS), Department of Labor (DOL), and Pension Benefit Guaranty Corporation (PBGC). However, B & B Benefits will serve as your “Third Party Administrator” to ensure your compliance with these requirements and maximize the success of your benefits program. Our compliance and routine consulting services include the following:
- Eligibility Determinations
- Calculation and allocation of annual employer contributions and forfeitures
- Annual nondiscrimination and compliance testing
- Processing participant retirement, hardship, and loan distributions
- Summary annual reports
- Annual IRS Form 5500 series reporting
- Calculation and review of age 70½ required minimum distribution
- Other consulting or administrative services as needed
- Plan Review and Audit Pursuant to IRS and ERISA (“Employee Retirement and Income Security Act”) requirements, certain pension and welfare benefit plans with over 100 participants are required to engage an independent accountant to perform an annual audit of their plan. B & B Benefits Administration, Inc. assist your auditors in providing the file information and detail they require performing the audit engagement. In addition, whenever requested, B & B Benefits Administration, Inc. can perform an independent review and evaluation of your present benefit plan structure and provide recommendations as to any improvements or enhancements.
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