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Plan
Implementation |
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Once
you have made the decision to make BSGI the third party
administrator of your plan, there are several steps that
need to be done before the plan can be up and running. Essentially,
BSGI has two forms of new business that define the installation
process: |
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Takeover
plan: |
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A
plan that has already been established and in operation
but has made the decision to change TPAs. The plan
may also be changing investment providers which would
also involve a conversion of assets |
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Startup
plan: |
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A brand new plan that has no assets. |
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While
there are many differences between the two forms of
new business, there are several constants that exist
in their installation procedure. BSGI requires two
items in order to initiate our installation procedures.
First
is a check for the installation fees and second is
the signed service agreement. Once these items are
received, BSGI will begin work on the main building
block of the plan: the plan document.
The
document is essentially the heart of the plan as it
defines how the plan is operated and outlines the
provisions of the plan. In fact, on a start-up plan,
the document must be signed by the trustee of the
plan before any contributions can be made. |
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have the ability to provide several types of plan documents: |
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Prototype
Non Standardized 401(k) |
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Prototype
Non Standardized Money Purchase |
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Prototype
Non Standardized Target Benefit |
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Prototype
Standardized 401(k) |
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Prototype
Standardized Money Purchase |
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Volume
Submitter Profit Sharing |
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Volume
Submitter 401(k) |
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Volume
Submitter 401(k) Prototype format |
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Defined
Benefit Pension Plan |
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Cash
Balance Plan |
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Section
403(b) Plan (Full Scope) |
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Section
403(b) Limited Scope |
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As of 8/1/2008, any new business received will automatically
have their plans restated for EGTRRA at no additional
cost as a courtesy during the installation process.
For more information on |
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All
new clients will also receive a login and password
to our plan management portal. The login will allow
you to have a secure internet based web site for all
plan related documents. Using the plan management
portal, you can access your plan documents, update
contact information, see plan specifications, upload
annual data, pull annual valuation or compliance testing
reports, communicate with your assigned pension consultant,
and obtain copies of Form 5500s. |
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Once
the client has received and signed all legal documents
pertaining to the plan, they have officially established
their plan. It is at this point that the plan installation
is complete and the plan administration begins. Please
go to the plan administration section for more information.
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