Overview

Precision Actuarial is a leader in delivering creative solutions to risk management challenges using retirement planning strategies. We are known for our professionalism, responsive solutions, in-depth industry knowledge, and commitment to service. Our leadership team is intimately involved day-to-day with our clients’ plan management, as it is a team effort to successfully service the needs of our clientele. We work closely with accountants, investment representatives, and regulatory and government contracting officers to create a smooth plan installation process and on-going plan execution.

Actuarial Services

  • Cost projections to aid in planning
  • Projecting the cost implications of plan amendments
  • Valuation of other employee benefit plans (health and welfare plans, sabbatical leave plans, and so on)
  • Nondiscrimination testing services

Administrative Services

For defined contribution plans that that offer individual participant trust accounts, as well as pooled accounts:

  • Calculation of minimum and maximum deductible contributions
  • Allocation of employer contributions (including cross-tested and age-weighted allocations), forfeitures, and investment earnings for defined contribution plans
  • Maintenance of computer records that reflect the cumulative status of each participant in the plan
  • Calculation of each participant’s benefit or defined contribution plan balance
  • Annual or quarterly participant benefit statements
  • Trust accounting support
  • Preparation of Form 5500 (and related schedules) and annual or quarterly participant notices

Consulting

  • Help employers choose the right retirement plan and plan features
  • Aid existing plan sponsors in making changes to accommodate the employer’s changing needs
  • Plan studies that project the costs and benefits of a particular plan type based on an employer’s current or projected workforce and compensation package
  • Suggest changes that will reduce the risk of costly operational or compliance failures and increase the plan’s value to the employer and employees
  • Review plan provisions during a merger, acquisition, or union negotiations

Valuations

  • FASB ASC Topyc 715 pension valuations
  • FASB ASC Topic 965 pension valuations
  • GASB 67/68 retiree pension valuations

Plan Design

  • Provide studies of costs and benefits of different types of retirement plans, including defined benefit, defined contribution, age-weighted, new comparability, cash balance, and floor-offset plans
  • Recommend the best plan design and perform any necessary testing to ensure compliance with applicable portions of the Internal Revenue Code.
  • Review benefit provisions and projected financial costs to ensure that the plan is meeting your goals for retirement planning
  • Recommend amending future benefit provisions to align with your objectives, when applicable

Plan Documentation

  • Preparation of new plan documents
    • Drafting proposed language for individually designed plans and client-requested changes to plan documentation
    • Plan Document and Administrative Policies
    • Summary Plan Description
    • Ancillary Beneficiary Forms
    • Salary Deferral Agreement, if applicable
    • 401(k) Safe Harbor Notice, if applicable
    • Participant Loan Policy, if applicable
    • Consultation with the client’s attorney to assist in plan preparation.
  • Preparation of plan for submission to the IRS
  • Plan amendments
  • Plan restatements

Plan Termination

  • Assist with the entire process of winding-up the operation of a plan to submitting required IRS and PBGC paperwork and finally distributing the plan’s assets
  • Preparation of amendments and resolutions (for review by legal counsel) to freeze or terminate the plan
  • Preparation of plan amendments (for review by legal counsel) necessary to bring plan into compliance prior to termination
  • Drafting §204(h) notices that inform participants of the intent to freeze or terminate a plan (for review by legal counsel)
  • Drafting Notice of Intent to Terminate (for review by legal counsel) in compliance with PBGC requirements
  • Drafting employee benefit calculation and information notices
  • Completion of IRS Form 5310 and the final Form 5500
  • Completion of PBGC Form 500, Schedules EA-S and REP-S and required attachments
  • Calculation of final benefit amounts and preparation of distribution paperwork
  • Completion of PBGC Form 501, post-distribution certification
  • Completion of Forms 1099-R and 945, if requested
  • Representation before IRS and PBGC auditors, if necessary

Other Services

  • Expert testimony
  • Cost benefit analysis
  • Actuarial certification
  • Demographic review
  • Replacement ratios
  • IRS, PBGC, and DOL audits
  • QDRO calculations and review