Traditional retirement service providers offer only a very limited knowledge of ESOP administration because their focus is on a broad-based collection of retirement products. Because we focus solely on ESOPs, our suite of integrated services reduce the risk of errors and missed opportunities for our clients.
Our proprietary ESOP administration software ensures that clients have the reports and resources they need to properly administer their ESOPs. And, our solutions go beyond the recordkeeping of the ESOP to provide employee culture and communications, repurchase obligation, corporate governance, ESOP planning, and fiduciary consulting for the company and the plan fiduciaries. Our approach includes services that ensure ongoing compliance:
Administering plans according to the specific terms of each client’s plan document
Monitoring completion of critical reports and filings with timeline tools
Coordinating with clients other retirement plan service providers
Determining which employees have met the plan provisions to enter the plan and share in contribution allocations
Maintaining historical participant data to compute timing of forfeitures, vesting, diversification eligibility, etc.
Reporting all trust activity that occurred in the ESOP or is accrued for the reporting period
Tracking stock transactions using multiple share accounts to identify dividends and cost basis attributed to each unique share account
Updating participants with individual statements and required disclosures
Allowing participants to take distributions from the plan at the right time by completing customized diversification and/or request for benefit election forms
Testing the plan to confirm it satisfies ESOP specific IRS and Department of Labor rules and regulations
Communicating, educating, teaching, training, and presenting about the ESOP
We will administer your plan and provide you with recommendations to help you get the most out of your ESOP and meet your company’s goals and objectives.