No plan would be complete without thorough compliance and plan maintenance services. The IRS and other governmental entities frequently change plan requirements. Keeping pace with these changes can be overwhelming. We actively track these changes providing guidance and updated materials. We use proprietary plan tracking software that constantly monitors and maintains your plan compliance. The following are compliance services provided by ProcessWorks:
Nondiscrimination testing - To ensure the plan benefits all employees in a nondiscriminatory manner, the IRS requires certain nondiscrimination tests to be performed on an annual basis. ProcessWorks performs these tests for you based on information provided by you and current employee elections.
Form 5500 and Summary Annual Report - If required, we'll prepare a signature-ready Form 5500 at the end of each plan year using Form 5500 software approved by the government. After your completion and return of a short questionnaire, we will provide a signature-ready Form 5500 for you to file with the government.
Plan document maintenance - Your Plan Document and Summary Plan Description will always be in compliance when you choose ProcessWorks. We'll prepare original or restated documents providing automatic updates to reflect IRS and DOL required changes.
