Downtime season

[Guest David M. Lipkin]

I realize that many of us are busy restating plan documents right now. I am curious as to what TPA's are planning on doing between 10/15/03 and 1/15/04. How do you make money (other than 1099's and 125 admin) during this season? Do you worry about people having little to do?

David

[maverick]

I get caught up on posting deferrals we split (for brokers, banks, etc.) to the 12/31/02 reconciliation spreadsheets. That way you're not faced with a year's worth of work in January.

Also, this is a good time to get distributions processed so the terms have a zero balance at year-end. While I'm at it, I like to get all the 1099-R info loaded in anticipation of printing 1099 forms in January.

We don't worry about people having nothing to do -- where I work, there's always something to do.

Tom

[Demosthenes]

Compliance people are working on year end process reviews. What went right, what went wrong with last years compliance work. How do we fix the parts that went wrong?

Also, it's a good time to prep some of your "problem child" clients to see what can be done to help them help you. Better data, speeing up audited financials where required etc.

It's also a real good time to start getting preliminary data from clients added this year where you only have partial in house records and need to produce a full years compliance and tax reporting. You can't finish the whole job, but you can reconcile thier financials up to their conversion data.

None of this is likely to pay off in immediate fees, all of it is going to boost your margins on next years work.

[Guest David M. Lipkin]

Thanks to both of you for your proactive thinking

David

[actuarysmith]

Hellooooooooo!

Between 10/15 and 1/15 of any year - aren't you setting up new plans or taking over other plans during this time?

This is our busiest season for new business.

[maverick]

actuarysmith:

That too.

McFly