For Employers

Click Manage Plan to access our client portal. From the client portal you can:

  • Download your plan document, summary plan description, and other plan materials

  • Submit your annual employee census

  • Securely upload confidential information, such as financial statements

What are my responsibilities as the plan administrator?

You must sign the Form 5500 each year. The filing is due July 31, or October 15 on extension, for calendar year plans.

In addition, you must comply with certain participant disclosure requirements, including:

  • Summary Plan Description: This is a plain English description of the provisions of your plan. It must be given to all employees when they become eligible for participation in the plan. If you need a copy of your SPD, you can download it from the client portal, or just ask us.

  • Safe Harbor Notice: If you have a Safe Harbor 401(k) plan, this notice must be distributed annually no later than December 1 (for a calendar year plan) for the upcoming plan year to all eligible employees. Preferred Pension Planning will send you the required notice in advance of the deadline.

  • Summary Annual Report: This summarizes your plan's financials and must be given to all participants (including former employees who still have a balance in the plan) annually.

  • Annual Funding Notice: If you have a defined benefit plan (including a cash balance plan) which is covered by the PBGC, that plan will have an AFN instead of an SAR. This contains actuarial information about plan funding and must be given to participants annually.

  • ERISA 404a-5 Notice: This informs participants of the fees that they may be subject to, and gives them information on the right to direct the investment of their account. It must be given to participants quarterly in plans to which it applies (most 401(k) plans). Generally this information will be included in the quarterly statements that participants receive from your investment provider. If your investment provider does not provide quarterly participant statements, Preferred Pension Planning will prepare the notices for you.

Other disclosures may be required for certain plan types or from time due to events such as a plan amendment. Preferred Pension Planning will communicate with you if and when additional notices are required.

What does it mean to be a fiduciary?

As the employer, you are a fiduciary of the plan. The Employee Retirement Income Security Act of 1974 (ERISA) requires that fiduciaries act in a prudent manner with respect to the plan. In particular, this means that all actions the fiduciary takes with respect to the plan must be made in the sole purpose of providing benefits to the participants of the plan or for defraying reasonable expenses related to administration of the plan. The fiduciary must act with the care, skill, prudence, and diligence of a prudent person familiar with the matter would act. The fiduciary must diversify the assets of the plan so as to minimize the risk of large losses (unless, under the circumstances, it would be clearly prudent not to do so). Finally the fiduciary must act in accordance with ERISA and the plan document.