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Found 10 results

  1. About healthcare services, a news article this morning describes wide price variations for the same service—even in the same hospital—based on prices negotiated with a health plan. For example, an injection of Rituximab at Rush University Medical Center in Chicago ranged from $899.33 to $9,260.13, and a vaginal delivery with post-delivery care in Los Angeles ranged from $1,183 to $32,563. Sarah Hansard, Hospital Pricing Data Troves Raise Stakes on Employer Plan Costs, Bloomberg Law Daily Labor Deport (Dec. 18, 2023, 5:05 AM EST). Following size and some other factors, there are price differences for most kinds of services a retirement plan buys. But are the ranges as wide as the examples quoted above? I don’t disparage price differences. There are many legitimate reasons for prices to differ. Among them: Some fixed costs are about the same for a plan no matter its size. Some variable costs can be much more for a small plan than for a big plan. And some economies of scale, with either a plan or a service provider, can affect costs and prices. Rather, I hope to learn more about how much prices differ.
  2. 401k Plan Sponsor is depositing amounts to participant brokerage accounts to cover annual maintenance fees. All participants have individual brokerage accounts. Deposit per participant does not agree to exact Annual Account Maintenance Fee. I understand there is probably many potential problems with this scenario, but my question relates to whether it is "not allowed" for an employer to reimburse participant plan fees this way? They are truly making individual deposits per person for a flat dollar amount. It has always been my understanding that if an Employer pays ANY money into a plan that it must be allocated as plan contributions based on the plan document. Has anything surrounding this topic changed in the last few years? Thanks!
  3. An alternate payee would like an application prepared so that they can start receiving their benefit. Plan Sponsor is ok with this as long as the alternate payee pays for the application to be prepared…is this allowed? Document does not provide much help.
  4. Just took over a new plan and haven't seen this in a long time - the employer reimburses investment fees through thru the trust instead of paying directly. I believe this is considered a contribution when they do that. Does anyone have a cite that clarifies this? Rosemary C. Raymer, ERPA, QPA, QKA
  5. We are having a discussion in our office about how distributions are or should be processed. Just for simplicity take a termination distribution. Say that the participant has $10,000 and he's fully vested, to make it easy. He doesn't want a rollover, he wants a taxable distribution. The form he filled out calls for 20% federal withholding taxes and no state withholding taxes. The recordkeeper charges $100 to process the distribution, and our office charges $70. One of us thinks that the 20% federal withholding applies to the full $10,000. The participant has $8,000 after taxes, out of which he pays the fees, and ends up with $7,830 in his pocket. Another of us thinks that the fees come off the top, and the taxable distribution is $9,830. The participant ends up with 80% of $9,830, or $7,864. It matters because we are trying to develop a consistent way of "grossing up" when requesting in-service or hardship distributions. The amount we should request depends upon how the taxes are applied. Thanks in advance for any help you can give!
  6. Am reviewing Form 5500-SF for American Funds Recordkeeper Direct Platform. On their trust report the only fees that are broken out are the distribution fees we charge as TPA to participants. Instructions for Line 8f of Form 5500 SF would imply we need to report administration fees paid to American Funds and investment fees paid to advisers (brokerage services). This information is not readily available. Wondering what anyone else may be doing other that reporting what is on the Trust Report. Thanks.
  7. I'm curious what the penalties are, if any, for a first year PBGC Premium Filing that is submitted after its due date. Assuming the first year filing had no payment due, would there be a penalty charged for a late submission? This is what I found on the PBGC website: The late payment penalty charge is established by us, subject to ERISA's restriction that the penalty not exceed 100 percent of the unpaid premium amount. Subject to this cap, the penalty is a percentage of the unpaid amount for each month (or portion of a month) it remains unpaid with a minimum penalty of $25. So if the unpaid premium amount is $0, would there be any fees?
  8. A DC plan terminates and pays out all benefits. AFTER all benefits have been paid out, the custodian (thank you very much) credits revenue sharing to us (we are both fiduciary advisor and recordkeeper). The amount of the revenue sharing received does not cover the cost to distribute it - not that this matters philosophiclaly, but practically, it carries weight. Of course, nobody wants to deal with this, not us, not the plan sponsor - we, however have to. Eagerly await your enlightened comments and opinions.
  9. Hello, What are you paying for specific recordkeeping services? I've found a lot of information in total but not for specific services. We are currently going through a benchmarking fee review however everything is in total. I was just wondering what different plans are paying for the specific services listed below. Per participant fee Trustee fee Managed/unitized Accounts Participant services: - Distributions - Hardship processing - Loan origination - Annual loan maintenance
  10. Guest

    Form 5500 SF- Line 8f

    Hello, On line 8f on the 5500 SF, many TPAs are using the actual fees that appear on brokerage statements to complete the information needed for line 8f. What about investment advisory fees that are not appearing on statements? Are other TPA's not reporting these fees on 8f? really, we are looking for clarification on what fees are being listed fro brokerage accounts. Any insight would be appreciated.
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