You can count on industry expertise and other services we provide through Employee Benefits:
We feel that the care that goes into the design of retirement plans is the most important element that influences the ultimate success of the plan. Each employer has unique demographics, in-house capabilities, financial resources, and benefits philosophies. THF works closely with you and your organization to clearly define your objectives and translate them into an appropriate retirement program.
We provide plan administrative services, including Form 5500 preparation and consulting, for all types of defined contribution plans, whether profit sharing, 401(k), age-weighted, cross-tested, target benefit, or money purchase. Our services include full-service balance-forward work on an annual basis. We can provide all aspects of the recordkeeping and administrative processes or any portion of the processes, to meet our client’s needs.
We contract with the SunGard (formerly, Corbel & Co.) document processing system. This is the largest non-prototype document provider in the country. Because of our relationship with SunGard, we can easily create documents to meet your specific objectives. Also, because we have retirement plan specialists examining the intent of the plan, they will not blindly request document information but will draw to your attention any overlooked opportunities in the plan’s design.
Our described services for qualified retirement plans are also available for cafeteria plans (e.g., design, consulting, and documents). We have tools called POP-Kits available. A POP-Kit is a package for establishing a “Premium-Only Plan” that comes with fill-in-the-blank style documents and administration forms. It is ideal for the employer who wants a simple and inexpensive cafeteria plan.
Consulting on the tax and ERISA issues concerning welfare plans is an important part of our practice. In the tax area, we offer advice on the taxability of benefits and assistance with the nondiscrimination rules. Concerning ERISA, we are very familiar with the Form 5500 filing requirements and audit requirements for plans. We also review documents for compliance with ERISA and the Internal Revenue Code (IRC) and can provide information on health care cost containment.
Since many benefit matters cannot be handled through a qualified retirement plan, we are also familiar with the design, documentation, and operation of non-qualified retirement plans. Our experience covers classic deferred compensation, excess benefit plans, incentive compensation, and non-qualified pensions, phantom stock, stock appreciation rights, ISOs, IRC §83, IRC §457, etc. We provide advice regarding the administration of these arrangements but do not provide recordkeeping services for these programs.
We perform audits of a Plan’s financial statements in accordance with accounting principles and auditing standards generally accepted in the United States. THF currently provides retirement plan audit services to numerous retirement plans throughout the country. The types of plans include 401(k), 403(b), profit sharing, deferred contribution, defined benefit, and health and welfare plans.
We provide plan administrative services, including Form 5500 preparation and consulting, for all We assist clients with tax and ERISA issues for other fringe benefits (health, life, time-off, etc.). We analyze total fringe benefit packages for design, cost-effectiveness, and technical compliance.
We assist clients with tax and ERISA issues for other fringe benefits (health, life, time off, etc.). We analyze total fringe benefit packages for design, cost effectiveness, and technical compliance.
Current law dictates specific measures dealing with anti-discrimination, highly compensated rules, benefit limitations, contribution limits, taxation of benefits, cash outlays, and many other restrictions limiting plan design and corporate objectives. To meet these challenges, businesses must have the flexibility to respond to many different situations. Therefore, one of our primary objectives is to tailor the range of services to fit the specific needs of each client to achieve the goal of a balance between corporate objectives, cost efficiency, and compliance with current law.
THF’s financial reporting and workpaper documentation for a plan audit have been examined by the DOL. The examination resulted in no findings. This is the most favorable result that can be received for this type of review.
We pride ourselves on providing open communication and up-to-date information regarding employee benefits. We are aware of the increasing complexity of employee benefit plan auditing and increased scrutiny by the U.S. Department of Labor (DOL). For this reason, THF is an active member of the AICPA Employee Benefit Plan Audit Quality Center (EBPAQC). Our team members also attend the annual AICPA National Conference on Employee Benefit Plans and the American Society of Pension Professionals and Actuaries (ASPPA) annual conference to ensure we are up-to-date with changes in the industry.