RETIREMENT PLANS IN A BUSINESS ACQUISITION

Just acquired a new business? Many times the retirement plan is overlooked in business transitions. You don’t want to call a 1-800 number to figure out what your legal obligations are to your current and newly acquired employees in regards to their retirement plans. We can help you navigate through this transition. You don’t want to sift through large amounts of legal paperwork and jargon to figure out how to handle the retirement plans.  Each company acquisition is unique in nature and must follow specific regulations and procedures for the retirement plans to remain in compliance.  Failure to execute properly could result in disqualification of either plan.

FACILITATING THE RFP PROCESS

The endless number of financial advisors and recordkeepers can be daunting when you’re trying to find the right fit for your company. Everything from basis points to investment models and fees can seem as clear as mud. Let the Sentinel team facilitate the selection process for you, searching through providers and advisors that are the best fit for your company. Utillizing our industry knowledge, we’re able to match your needs, demographics, and business model with the right partners.

INTERNAL REVIEW

FIDUCIARY & OPERATIONS REVIEW

  • Examine timeliness of deposits

  • Confirm offering of the plan to eligible participants

  • Evaluate administration of loan and distribution

    provisions

  • Review notice requirements

  • Review general plan administration

PLAN DOCUMENT REVIEW

  • Review plan document

  • Prepare an analysis of plan provisions

COMPLIANCE TESTING REVIEW

  • Evaluate compliance testing reports

  • Ensure all compliance tests are being performed according to provisions in the plan document

  • Review definition of compensation

  • Propose plan design changes to improve results

  • Address any other compliance testing concerns

 

Once we have completed an internal review, we would love the opportunity to sit down with you and discuss our findings. This meeting will include the following:

  • A review of goals and objectives relative to the retirement plan

  • Recommendations of plan design changes to enhance the plan for both participants and employer

  • Best practices in administering the plan

  • Initial suggestions to enhance ease of plan administration and meet company objectives