One partner for all your retirement plan needs
Get more responsive, full-service consulting from our dedicated firm. Prime Pensions is ready to take on the needs of any employer — and the employees you serve – with comprehensive services to ensure the quality of your benefit plans. You can expect better service with no hidden fees.
ONE PARTNER FOR ALL YOUR RETIREMENT PLAN NEEDS
Plan design & implementation
Get step-by-step guidance to select, customize, and implement a plan.
- Tailored design to meet owner, employee, and business needs
- Review existing plan provisions and recommend strategic changes
- Prepare plan documents as required by the IRS
- Prepare the Summary Plan Description for participant distribution
Plan design & implementation
Get step-by-step guidance to select, customize, and implement a plan.
- Tailored design to meet owner, employee, and business needs
- Review existing plan provisions and recommend strategic changes
- Prepare plan documents as required by the IRS
- Prepare the Summary Plan Description for participant distribution
Ongoing consultation & support
Put the legal and regulatory expertise of Prime Pensions at your disposal.
- Plan amendments, terminations, and mergers
- Assist with IRS and DOL audits
- Assist with plan design changes
- Conduct plan or participant benefit studies or projections
Ongoing consultation & support
Put the legal and regulatory expertise of Prime Pensions at your disposal.
- Plan amendments, terminations, and mergers
- Assist with IRS and DOL audits
- Assist with plan design changes
- Conduct plan or participant benefit studies or projections
Recordkeeping & administration
Operate your plan smoothly and efficiently with our extensive support.
- Determine employee plan eligibility
- Calculate benefit amounts and permissible contribution ranges
- Allocate contributions and earnings to participant accounts (if applicable)
- Perform non-discriminatory testing and coverage testing
- Perform section 415 limitation testing
- Perform a top-heavy test
- Prepare a signature-ready Form 5500 with all applicable schedules
- Prepare PBGC Premium Filing Form
- Prepare the Summary Annual Report for participant distribution
- Determine distribution amounts to terminated or retired participants
- Calculate minimum distributions to participants 73 years and older
- Prepare paperwork for hardship or other in-service withdrawals
- Prepare annual or quarterly statements for participants
- Determine participant vesting percentages
- Prepare the Annual Funding Notice for participant distribution
- Prepare FAS/pension financial statements upon request
- Prepare Forms 1099R, 945, and 1096 per request each year
Recordkeeping & administration
Operate your plan smoothly and efficiently with our extensive support.
- Determine employee plan eligibility
- Calculate benefit amounts and permissible contribution ranges
- Allocate contributions and earnings to participant accounts (if applicable)
- Perform non-discriminatory testing and coverage testing
- Perform section 415 limitation testing
- Perform a top-heavy test
- Prepare a signature-ready Form 5500 with all applicable schedules
- Prepare PBGC Premium Filing Form
- Prepare the Summary Annual Report for participant distribution
- Determine distribution amounts to terminated or retired participants
- Calculate minimum distributions to participants 73 years and older
- Prepare paperwork for hardship or other in-service withdrawals
- Prepare annual or quarterly statements for participants
- Determine participant vesting percentages
- Prepare the Annual Funding Notice for participant distribution
- Prepare FAS/pension financial statements upon request
- Prepare Forms 1099R, 945, and 1096 per request each year
Coverage for multiple plan types
Let us help you determine and support the right plan for your business. We leverage decades of experience to handle any plan or combination of plans.
A 401(k) plan permits voluntary payroll deduction savings for employees. Using pre-tax dollars, employees do not pay taxes on invested money until it is withdrawn. Employees can also make post-tax contributions (Roth contributions), which can be removed from the plan tax-free under certain conditions.
A profit sharing plan is a type of defined contribution plan wherein the employer’s contribution is not required to be fixed. Often, the employer uses a discretionary formula to determine how much to contribute each year. This contribution may range from 0% to 25% of eligible compensation. Contributions are allocated based on each participant’s compensation.
Cash balance plans are defined benefit plans, but operate like defined contribution plans in certain regards. Each participant has credited to his or her “cash balance account” on an annual basis both a pay-related credit and an investment credit. The pay-related credit is a fixed dollar amount or a percentage of total wages, and the investment credit is interest credited based on a well-defined index.
- Defined contribution plan limitations are not applicable to cash balance plans (other limitations may exist). Company can sponsor both a defined contribution plan (e.g. 401[k]) and a cash balance plan.
- Cash balance plans are easier to understand than traditional defined benefits plans and usually provide the same pay-related credit rate to all non-key employees, regardless of age. If key employees are older than most of the staff, a cash balance plan can be designed to provide very significant benefits to a select group of key employees, while retaining reasonable benefits to other employees.
A cross-tested plan can use any formula to produce a set of desired benefit results. For instance, the plan may favor any participant or group of participants, providing the plan satisfies IRS discrimination testing requirements. The plan may have a required or a flexible contribution. Every employee can be in his or her own group, maximizing flexibility.
This plan type provides a retirement benefit for each participant based on a set formula(s). A contribution range is determined based on factors such as age, compensation and years of service, investment performance of plan assets, and prescribed interest rates and mortality tables. We can custom-design a defined benefit plan to accomplish your objectives while meeting your budgetary requirements.
Coverage for multiple plan types
Let us help you determine and support the right plan for your business. We leverage decades of experience to handle any plan or combination of plans.
A 401(k) plan permits voluntary payroll deduction savings for employees. Using pre-tax dollars, employees do not pay taxes on invested money until it is withdrawn. Employees can also make post-tax contributions (Roth contributions), which can be removed from the plan tax-free under certain conditions.
A profit sharing plan is a type of defined contribution plan wherein the employer’s contribution is not required to be fixed. Often, the employer uses a discretionary formula to determine how much to contribute each year. This contribution may range from 0% to 25% of eligible compensation. Contributions are allocated based on each participant’s compensation.
Cash balance plans are defined benefit plans, but operate like defined contribution plans in certain regards. Each participant has credited to his or her “cash balance account” on an annual basis both a pay-related credit and an investment credit. The pay-related credit is a fixed dollar amount or a percentage of total wages, and the investment credit is interest credited based on a well-defined index.
- Defined contribution plan limitations are not applicable to cash balance plans (other limitations may exist). Company can sponsor both a defined contribution plan (e.g. 401[k]) and a cash balance plan.
- Cash balance plans are easier to understand than traditional defined benefits plans and usually provide the same pay-related credit rate to all non-key employees, regardless of age. If key employees are older than most of the staff, a cash balance plan can be designed to provide very significant benefits to a select group of key employees, while retaining reasonable benefits to other employees.
A cross-tested plan can use any formula to produce a set of desired benefit results. For instance, the plan may favor any participant or group of participants, providing the plan satisfies IRS discrimination testing requirements. The plan may have a required or a flexible contribution. Every employee can be in his or her own group, maximizing flexibility.
This plan type provides a retirement benefit for each participant based on a set formula(s). A contribution range is determined based on factors such as age, compensation and years of service, investment performance of plan assets, and prescribed interest rates and mortality tables. We can custom-design a defined benefit plan to accomplish your objectives while meeting your budgetary requirements.
OUR INVESTMENT PARTNERS
We’re a preferred third-party administrator to over 20 leading recordkeeping firms. This gives our clients access to hundreds of funds — and a flexible retirement solution that meets their specific needs.
Get started today
Reach out to the experts at Prime Pensions and learn why we are the trusted choice among actuarial and recordkeeping firms.
Get started today
Reach out to the experts at Prime Pensions and learn why we are the trusted choice among actuarial and recordkeeping firms.
