403(b) TPA Services
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General Information & Bulletins
Current Situation
The Internal Revenue Service has issued new 403(b) regulations that require significant additional oversight by employers, including plan documentation, limits testing, and oversight of hardships, loans and eligibility.
As a result, human resources departments have been saddled with a huge administrative burden, when the new regulations become fully effective January 1, 2009.
MidAmerica helps you outsource the load by offering several important services:
- Vendor oversight
- Plan administration and compliance
- Common remitting
- Employee and Employer communications
Vendor Oversight
We can help you select or pare down the best vendors. We review and approve all plan activity, including salary reduction agreements, loans, hardships and distributions to ensure everyone is on the same page. This ensures that the vendor conforms to your plan’s provisions and your investment requirements.
Plan Administration and Compliance
We provide a plan document, monitor loans, hardships, eligibility and limits under sections 402(g) and 415. We process contributions and distributions in addition to monitoring vendor performance to keep your plan and documents current.
Common Remitting
We work with your payroll department to streamline employees’ investment elections and payroll contributions to plan vendors, in many cases reducing employer’s current administrative burden.
Employee and Employer Communications
We provide you with a summary plan description for all eligible participants and provide the plan’s sponsor with an annual report on vendor compliance, testing and plan level highlights.
You Need an Independent Solution
MidAmerica’s independent services provide you with objectivity and flexibility. There is no conflict of interest with your vendors, and our fee-for-service approach allow us to be neutral in vendor recommendations. You can implement our services and change vendors with minimal disruption to your 403(b) program and existing vendor relationships.
WE PROVIDE THE SOLUTION.
