In addition to the technical superior prototype Qualified Plans we offer, we can provide full administration
services for your Qualified Plans. While Qualified Plans are valuable
service and can be significant source of large, long term deposits,
we know that they can also be a source of anxiety for financial institutions.
We are committed to working with you to make Qualified Plans a real
asset to your Institution.
The IRS is well aware that retirement
plans mean large deposits, large deductions and the potential for
abuse by employers. The IRS requires strict record keeping and reporting
to prevent abuses, protect employees and collect proper taxes.
Whether you need a SEP, profit
sharing plan, money purchase plan, or a 401(k) plan, CWF can provide
you with not only and IRS-approved plan, but all of the supporting
services including forms, consulting, education, Qualified Plan Procedures
Manual, as well as full administrative services.
Qualified Plan Administrative Services offered
Prepare participant statements annually or as instructed by institution,
trial balances, Schedule P, 5498 and 1099-R reporting, 70½
reports, magnetic media reporting if necessary
Prepare an annual trust summary
Prepare IRS Form 5500-C/R/EZ and related schedules
Prepare summary annual reports
Advise which employees are eligible
Prepare participant benefit statements upon request
Prepare the summary plan description
Maintain separate account balances for each participant
Calculate the benefits for participants who retire or terminate
Apply the various ADP and other discrimination tests
Please call our customer service representatives if you have any questions regarding the QP Administration.
You can reach us at 800-346-3961.