Our Process
Discover
Before we design the perfect plan for your business, we need to understand your unique needs and goals. Our discovery process is all about gathering the information we need to build a strategy that works for both you and your employees.
Initial Consultation: We start with a one-on-one meeting to discuss your business goals, the size of your workforce, and any existing retirement benefits. Whether you're offering a 401(k), Simple IRA, or other retirement plans, we’ll assess what works best.
Plan Goals Assessment: We’ll evaluate your long-term retirement objectives, including employee retention, tax advantages, and your desire to offer a competitive benefits package.
Compliance & Regulatory Review: We also conduct a thorough review of your current compliance standing. This helps us understand if there are any existing issues with your current retirement plan or if we need to guide you through potential pitfalls.
Employee Demographics: We review your employee base to determine the most appropriate plan type based on factors such as employee age, income distribution, and participation levels.
Design
Once we’ve gathered the necessary information, we move to the design phase. This is where we create a customized retirement plan solution that meets your business’s specific needs.
Plan Type Selection: Based on your goals and employee demographics, we help you select the right retirement plan. Whether it’s a 401(k), Profit Sharing, or a Simple IRA, we ensure it aligns with your financial strategy and company culture.
Plan Structure & Features: We tailor the structure of your plan to fit the needs of your business and employees. This could include designing employee contribution features, employer matching contributions, vesting schedules, and eligibility requirements.
Investment Options: We work with top-rated investment providers to offer diverse, cost-effective options. This gives your employees the flexibility to choose how their retirement savings are invested.
Compliance Considerations: We take care of all compliance needs, from non-discrimination testing to IRS reporting. We also ensure that your plan adheres to all federal regulations, minimizing the risk of penalties or audits.
Employee Communication Plan: A well-designed plan needs clear communication. We craft easy-to-understand materials to help employees understand their options and the value of participating in the retirement plan.
Deliver
The final step is putting the plan into action and managing it seamlessly so that you and your employees can focus on what matters most.
Plan Implementation: After the plan design is approved, we handle the implementation process. This includes setting up accounts, making the initial contributions, and coordinating with investment providers.
Ongoing Administration: As your TPA, we handle all the day-to-day administration. This includes maintaining plan records, tracking contributions, managing loans and distributions, and ensuring compliance with IRS and Department of Labor regulations.
Annual Compliance Testing: We conduct annual testing to ensure that your retirement plan passes the necessary compliance checks, including nondiscrimination testing and contribution limits.
Employee Support: We provide ongoing education and support for employees, including quarterly statements, investment guidance, and answering any questions they may have about their accounts.
Regulatory Filings & Reporting: We take care of all the required filings, including Form 5500, and other regulatory reports, to ensure that your plan is always in full compliance.
Mid-Year Plan Reviews: We schedule regular reviews of your plan to make adjustments based on changes in your business or any regulatory updates. Our goal is to ensure your plan remains cost-effective, competitive, and in compliance.
Why Choose SS Pension as
Your Third Party Administrator?
Expertise: We specialize in the small employer market and understand the unique challenges and opportunities small businesses face in offering retirement plans.
Customized Solutions: Every business is different, so we take the time to create a plan that fits your specific needs and goals.
Compliance Assurance: We ensure your plan meets all regulatory requirements, so you can avoid costly penalties and focus on growing your business.
Dedicated Support: From plan design to ongoing administration, we offer continuous support and guidance every step of the way.
