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-Comprehensive Financial Wellness Suite of Services
-Operational Compliance Assessment – To ensure the plan(s) are operated in accordance with the
processes outlined in the plan document(s).
-Plan Health Assessment – Plan/Participant Retirement Success Analysis
18. For the plans you have worked with longer than 12 months, what is the average:
For those clients who have engaged CBIZ RPS in the last 12 months, the following statistics reflect
average plan related information taken from a sample client list similar in size, scope and scale to
Pike:
Number of Participants
– Total # of participants engaged – 123,448 / Average # of
participants - 271
Participation Rate
– Average Participation Rate 78%
Participant Deferral Rate
– Average Deferral Rate – 5.5%
19. Describe any plan design initiatives you have led with your customer base during the past
24 months.
Compliance support is an area where CBIZ RPS is uniquely positioned to support our plan sponsor
clients. Through our proprietary Operational Compliance Assessment process, we often uncover
operational compliance/fiduciary issues that go unnoticed because they are outside the scope of
services of a traditional corporate plan recordkeeper. Unfortunately, these problems can result in
significant risk to the plan sponsor if left unnoticed. The following examples provide some of the
major compliance/fiduciary issues that we regularly uncover in client’s plan designs:
a)
When was the last time I reviewed my plan document to see that I am following the
provisions stated in the document and that my plan is up to date with regulatory
amendments? Failure to comply with the terms of the plan will result in an operational
failure that requires a correction to the plan. In addition, new plan document change
recommendations have been updated by the IRS and CBIZ RPS is in the process of
proactively reviewing client plan documents to help ensure compliance prior to calendar
year 2020.
b)
Are each of the components of compensation flowing through your payroll treated
correctly under both the terms of the plan and the IRS rules? Compensation issues are
not usually caught by your recordkeeper and can continue for years leading to liability for
incorrect contributions and potential loss of tax-qualified status.
c)
Are the plan contributions being deposited in accordance with the Department of Labor
(DOL) guidelines and in accordance with the Plan Document? Failure to remit participant
deferral in a timely manner as described by the DOL can result in a costly error. It is also
important to review the timing of submitting employer contribution.
20. Describe any particularly noteworthy investment initiatives you have led with your
customer base during the past 12 months.
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