Employer

Employers represent the largest base of clients for Premier Plans, Ltd. because PPL helps each employer decide which retirement plan program is best from them, helps each employer establish the plan or plans desired in the event of a start-up, helps each employer amend and restate an existing plan in the event of a take-over or conversion, and helps each employer administer their retirement plan(s) on an annual basis in full compliance with the Internal Revenue Service (IRS), Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC). A firm which helps employers self-administer a qualified retirement plan is by definition a third-party administration (TPA) firm. PPL also aids employers who desire to terminate their retirement program with that process if the plan(s) no longer serve the purposes for which they were originally intended.

PPL offers a complete range of consulting, research and administrative services throughout the entire field of qualified plans. Our expert plan administrators and compliance specialists allow PPL to maintain an unparalleled record of fulfilling each employer’s needs while building solid, long-term relationships. Consulting services begin with assisting employers in identifying and accomplishing overall retirement program objectives, and continues all the way through timely and accurate plan administration each year. We assist with determining the most suitable type of retirement plan for each employer’s unique retirement plan needs. This service includes consideration of prototype, volume submitter and even custom individually designed plans for either defined contribution or defined benefit plans. PPL is a sponsor of its own IRS pre-approved Volume Submitter Defined Contribution plan and IRS pre-approved Master and Prototype Defined Benefit plan which are made available to PPL clients for them to utilize while PPL is contracted to perform administration services for the employer.

Our experts can provide services relating to recordkeeping, administration and meeting all regulatory requirements, including electronic signing and filing of required forms through a secure web portal. For example, PPL can perform nondiscrimination testing for prior plan years as well as the completion of prior years Forms 5500 as necessary to document and fully correct compliance problems that may otherwise require submission to the IRS and/or DOL under applicable self-correction programs.

Let our experts provide the education, evaluation and consultation regarding complex ownership structures. Our analysis will include "related employers" such as "control groups" and "affiliated service groups.” Also, in the event that an employer desires a written “opinion letter” on any issue or issues, Scott’s close relationships with ERISA and tax lawyers makes this process simply for the firm’s clients.

We assist employers with resolving retirement plan compliance problems through the utilization of Internal Revenue Service (IRS) and Department of Labor (DOL) voluntary correction programs.

With the strategic relationships PPL has formed over the years with Fellows of the Society of Actuaries and Members of the American Society of Pension Actuaries, PPL can help you partner with an actuary who can provide a full range of actuarial consulting services regarding "cash balance" retirement plans, defined benefit plans and defined benefit/defined contribution "combo" plans.

Retirement plans are periodically audited by the IRS and/or DOL to make certain that plan documents and amendments are up-to-date as well as to make sure that the plan is being operated in strict compliance with the plan documents. A retirement plan audit can be completely overwhelming to an employer who is unfamiliar with the process. Our experts can provide guidance to help you get through the audit as quickly as possible. PPL can work in partnership with ERISA and tax lawyers as well as actuaries (in the case of defined benefit or cash balance plans) to coordinate well-reasoned and thorough responses to the auditor(s) and can aid in the preparation for interviews and/or on-site inspections. PPL can help an employer perform a self-audit on its retirement program in order to eliminate the worry and surprise of a government audit.

While many third party administration firms focus on defined contribution plans like safe harbor 401(k) profit sharing plans and rarely perform work on defined benefit plans (either traditional or cash balance) at all, PPL instead focuses on stand-alone defined benefit plans or “combo” plans where safe harbor 401(k) profit sharing plans are combined with traditional defined benefit or cash balance plans.

Defined benefit plans (traditional or cash balance) are ideal for sole proprietors, partners, LLC members, S corp or C corp owners, or other small business owners with few or no rank and file employees. Contributions to a defined benefit plan can be as high as $100,000 to $300,000 each year depending on the age of the individual, prior earnings history and service history. Defined benefit plans can be paired with defined contribution plans to increase retirement savings on a tax advantaged basis. When a paired or combo plan is utilized by an employer, defined contributions would generally be restricted to no more than 6 percent of compensation for the employer plus the employees’ contributions.

Sole proprietors, partners, LLC members, S corp or C corp owners, and other small business owners over the age of 35 who are looking to maximize contributions/tax savings while protecting assets can benefit from a defined benefit plan. Employers who have several years of service and earnings history that desire to shelter MOST or MUCH of their earnings are ideal candidates for a defined benefit plan. For employers with multiple rank and file employees, a Cash Balance Plan (a type of defined benefit plan) can be a great way to control employee costs while still maximizing contributions, especially with paired with a safe harbor 401(k) plan.

As a leader in both pricing innovation and pricing transparency, PPL is actively engaged in promoting fair and complete fee disclosure and standards. PPL works under a written agreement with each employer so that the rights and responsibilities of both PPL and each employer are clearly identified.