Benefit Services Group, Inc. maintains a browser based secured website for qualified plan administration. The program connects the financial institution funding the plan, the financial representative advising the plan, the BSGI plan consultant servicing the plan, and the plan sponsor.
The website provides the meeting place for all parties to consult, collaborate, and communicate during all phases of plan administration. The process begins with plan design, continues through installation, and into ongoing plan administration.
The major file divisions include:
All correspondence between parties is completed electronically and maintained in the E-correspondence file for access as needed. Hard copy correspondence is scanned and added to the portal for a backup copy. You will need to keep your signed and dated plan documents in the event of an audit. Correspondence is delivered through each party’s mailbox so that all parties are in the loop at all times.
Annual Services / Compliance Tests
Anniversary service data collection is completed electronically. All compliance test results, with required action are delivered through the mailbox for action and are then maintained as a permanent record. 5500s and other tax forms and reports are delivered and maintained in the same fashion
Distributions / Loans / Hardships
All forms and instructions are available on the website. They are completed electronically, or printed and completed, depending on the financial institutions’ capabilities. Processing status is maintained throughout the transaction. A permanent record of the transaction is maintained in the file.
Each partner will have a mailbox to automatically receive copies of correspondence and status reports. This correspondence will also be retained in the permanent file.
Each plan will have reserved space for partners’ records for the case. The plan sponsor can add enrollment records and employee correspondence so that all plan related information is maintained electronically. The financial advisor can maintain all correspondence, investment information, and decisions related to the plan. Each partner will have all investment policy information for the plan maintained electronically.