Ongoing plan operation and administration
How can you spend the time you need on business issues if your staff is tied up with transactions? We have a range of solutions to help you manage complex plan designs, legal and data issues, cost-cutting measures, and the growing number of calls to HR from participants. Whether you’re in-sourcing, co-sourcing, or outsourcing, Buck can help.
Our experienced team is available to supplement your internal staff in ongoing plan operation projects such as setting up governance, funding and investment policies, drafting Summary Plan Descriptions (SPDs), conducting compliance reviews, and assisting with self-correction and corrections involving the IRS.
We can also help with plan administration in the following areas:
Defined benefit administration: A spectrum of services is offered to assist with pension plan administration. We can provide benefit calculators for in-house administration, co-sourcing assistance to the in-house staff, and full outsourcing. QDRO and qualified medical child support order (QMSCO) assistance is also provided.
Defined contribution administration: Our consultants assist with allocating contributions, forfeitures, and investment gains and losses as well as loan, distribution, QDRO, and QMSCO processing.
Administration compliance: Buck provides guidance on how to comply with the myriad of complex regulations that affect benefit plan administration. In addition, we assist with reviews and drafting of plan administration forms, SPDs, procedures, and manuals. And, if needed, we can help with self-correction (Employee Plans Compliance Resolution System, or EPCRS) and Voluntary Correction Program (VCP) filing.
Vendor management: We can help plan sponsors ensure the most effective use of vendors by developing coordinated processes, tools, and protocols. In addition, our consultants can assist searching for a new vendor, modifying contract terms with current vendors, and benchmarking fees.