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Guest bMc

TPA reports

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Guest bMc

I am interested in finding out what others are preparing for participant benefit statements for plans with participant directed accounts with such companies as Aetna an ManuLife. Are you preparing only a statement of vested benefit and an SAR? How complete are your reports to the plan sponsor?

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Guest robin s vatalaro

The firm I work for (we work w/ both Manulife and Aetna) provides the SAR, and then upon distribution we calculate vesting. We have never had a participant or plan sponsor complain about not receiving periodic vesting reports as far as we know.

For the plan sponsor, annually, we provide a report package with the following information:

1) plan specifications summary

2) employee status report

3) ADP/ACP test (assuming 401k plan)

4) 415 test

5) top heavy test

6) brief summary of total plan assets

The above is bound into a nice cover, w/ table of contents, etc. We also provide the 5500 at the time the report is given to the client. A transmittal letter is also included, which summarizes the results of each compliance test, indicates who is eligible for distribution, and other relevant information.

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