[ Rimkus, Marciano & Associates ]

What do I need to establish and maintain a 401(k) plan?

  1. You must have a plan document, resolution, and policy statement. We will provide them to you for signature. You must return signed copies to us.
     
  2. There is a Summary Plan Description required to be given to the employees when they enter the plan and a Safe Harbor notice given out at plan entry and annually thereafter. We will send them to you electronically. If all of your employees have a company email address, we can send them directly to the employees for you. Otherwise, you must print and distribute them.
     
  3. You will need the services of a broker-dealer, who will establish a plan account for you at either OppenheimerFunds ®, ING ®, The Hartford ®, American Funds ® or The Principal ®, which are the investment companies used in our services. However other companies may be available upon request.
     
  4. All plan fiduciaries must be covered by an ERISA bond. We will complete an application for your fidelity bond at Colonial Surety. They will then send you an email for you to authorize payment. Colonial Surety will notify us when you have completed the purchase.
     
  5. Plan contributions must be transmitted to the investment company each payroll period. We will capture the information from your payroll company and transmit this to either OppenheimerFunds or American Funds for you. The fund company will direct debit your company account for the amounts. This requires an online payroll company so that we can access your reports. If you do not have one, you may contact Joe Vitello of Ovation Payroll at 1-866-341-3510 or jVitello@OvationPayroll.com.
     
  6. We will direct debit your account each payroll period for our fees.
     
  7. If you choose OppenheimerFunds, all employee functions will be completed online including asset allocations and plan distributions upon termination of employment. If you choose American Funds, we will provide some of the distribution forms for the employees.
     
  8. OppenheimerFunds or American Funds will provide quarterly statements for your employees and send them to their homes.
     
  9. We will complete the annual 5500 form for your plan and file it through the Federal government's EFAST2 filing program. You will be notified by both us and the EBSA division of the Department of Labor when it is ready for you to go on-line and electronically sign it.