LRS provides a variety of Retirement Plan compliance services including: plan audit and correction services, 415 compensation testing, 416 top-heavy and ACP/ADP testing avoidance, 410(b) discrimination testing, 404 maximum deductions, employer contributions and any other necessary compliance activities required by a particular plan.
LRS’s compliance programs are designed to ensure that plan fiduciaries comply with their obligations, protect plans assets, and minimize personal and financial liability wherever possible. We can help you evaluate your plan on an ongoing basis, including:
- Fiduciary fee evaluation services
- Prohibited transaction and other fiduciary violation corrections
- Preparation, coordination and submission of the plan to correction programs including: the Internal Revenue Service’s self-correction program (SCP), voluntary correction program (VCP) and audit closing agreement program (Audit CAP), and the U.S. Department of Labor’s delinquent filer voluntary correction program (DFVCP) and voluntary fiduciary correction program (VFCP)
- Reasonable cause letters for delinquent filers
- Evaluation of plan mergers in compliance with the growing governing law and fiduciary prudence standards
- Support for hard to value plan assets – qualified employer securities and qualified employer real property
LRS also provides a Disaster Recovery Service, as a complimentary service, so you have back-up documents and legacy records in the event a disaster destroys all or part of your information. This is a great service because it provides employers with the confidence and assurance that their information is always protected and available even in the event of a disaster.
ENHANCED PAYROLL CONTRIBUTION SERVICES
Take the worry out of compliance testing with our enhanced payroll contribution services! Are your payroll contribution files difficult to work with? Do you need help processing payroll contributions for your retirement plan? We provide enhanced and customized payroll services to reduce the time and effort you put into processing payroll contributions each pay period. Saving companies an average of 30 hours per year!
Premium Contribution Support
Payroll contribution processing working directly with your payroll provider or vendor! We handle everything needed from retrieving payroll contribution reports, to payroll/contribution data entry, to pulling contributions from your designated account. We even run compliance reviews of your consolidated payroll report vs your retirement plan employee census.
Large Payroll Relief
Payroll contribution processing from additional accounts, companies, units, or departments! Our base services process up to 26 payrolls from a single bank account. If you process payroll more frequently (e.g. weekly) or you process payroll for more than 1 entity, unit, or, division you will need to secure our Large Payroll Relief services.
Enhanced Calculations
If your payroll solution is not able to calculate company matching contributions each pay period, we can handle it! We’ll log into your payroll solution, download and retrieve payroll contribution reports, enter payroll and contribution information into contribution processing systems, pull contributions from your designated account, and do compliance reviews of your consolidated payroll report.
Just the Basics
If your payroll solution only provides payroll and contribution information in a locked PDF or similar format that makes it difficult to submit contribution information, we can set up customized payroll contribution files required for necessary data upload into our systems.
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