Qualified Plan Design, Administration Compliance & Record Keeping

1. Customized Plan Design

ISC provides you with a customized Plan Document designed to meet your organization's unique needs. By utilizing our plan checklist, ISC can help you structure a plan to meet a wide range of objectives, including vesting schedules, loan provisions, eligibility features, employee deferrals and employer contributions. Plan options include establishing 401(k) plans, 403(b) plans, 457 plans, profit sharing plans, money purchase plans, or other options depending on your organization's specific objectives. ISC's plan specialists continually monitor changing IRS regulations, and when necessary, ISC provides plan updates to keep your organization's plan current.

2. Administrative Manual & Summary Plan Description

ISC provides you with a customized administrative manual to assist you in understanding the basic administrative requirements of your qualified retirement plan. Customized forms, payroll transmittal requirements, and instructions for ongoing procedures are included with the manual. In addition to the administrative manual, each member of your organization receives a Summary Plan Description that explains how the plan works in plain, easy to understand terms.

3. 5500 Reporting, ADP/ACP Tests, 415 Limits & Top Heavy Testing

Included in ISC's standard services is the Form 5500 report which you receive at the end of each plan year. ISC also prepares any additional schedules required to accompany your Form 5500, depending on your specific plan structure. The ADP/ACP "nondiscrimination tests" are required quarterly by the IRS. ISC performs these tests based on the employee census data you provide. Both 415 Limit and Top Heavy testing are performed annually by ISC.

4. Loans

ISC processes loan applications and performs ongoing loan administration services to applicable plan participants, including amortization and payment schedules. The inclusion of a loan provision in qualified plans is voluntary, and ISC can assist you in determining the loan provisions for your specific plan.

5. Summary Annual Report

At year end, ISC provides a Summary Annual Report for the plan year. Information contained in the report includes a contribution summary for both employee and employer, realized earnings (losses), unrealized earnings (losses), distribution of funds from the plan, and plan expenses for the year. This comprehensive report helps you monitor the success of your qualified plan and assists you in communicating the benefits of the plan to your employees.