Year End Census Data

[Mr Bagwell]

I'm trying to determine what direction I want to go with Year End Census Data collection from Employers.

We currently send a 33 page document asking the pertinent information and the definitions of such. I would love to reduce the questionnaire to as little as possible.

What do my colleagues here do for year end census? And how much information do you send?

I have seen a big 401k provider that really asks for very little. Are you eligible, what's the compensation, who are the HCEs, and who are the owners? A few more questions, but not much.

Thanks for your thoughts.

[ETA Consulting LLC]

Each case is different. I, typically, tailor the questions specific to each client in order to ensure ALL compliance requirements are met. This reduces the pages each client receives, even though some clients will get questions that others do not. The larger companies may send 33 page booklets (which have the potential of overwhelming clients) of information requests were only 10 pages may be relevant to any particular client.

At the end of the day, there is no one-size fits all method; unless you opt for the 33 page book to ask ever single question that could possibly be posed to every client who may sponsor a qualified plan.

Good Luck!

[Mr Bagwell]

Thanks for getting the ball rolling ETA.

[GMK]

We get a questionnaire and a spreadsheet for both of the plans we run.

The questionnaire mainly has us check the one of several possible answers to each question that applies to us, which is a lot more inviting than having to fill in the blanks with our own answers. They load in some of the information from last year's submittal with an "Is this still correct?" box to check and space to update the information as appropriate.

Columns in the spreadsheet that don't apply to us leave blank we can. (Yoda helped me with that sentence.) We set up a sheet with the information in our own spreadsheet file and send it to them. Usually they require us to use their column headers, which is no biggie.

[RatherBeGolfing]

Just curious, is that 33 pages in addition to the employee data like Name, SSN, DOB, DOH, etc?

Our year end collection is more limited, and is meant to supplement the data we already have

for example

Our records show that you have an ERISA bond in the amount of $10,000 issued by Dewey, Screwem & Howe SuretyCompany, is this still correct Yes [ ] No [ ]

[Mr Bagwell]

Yes, the 33 pages is in addition to the employee data.

Thanks for the comments.

Dewey is a popular insurance company. lol

[austin3515]

We have a one page questionnaire with questions like: Who are the owners? Do the owners own any other companies? Depending on the answers we get we ask follow up questions. We have a standard one pager asking for documentation like fidelity bonds and payroll reports. And we also have a comprehensive internal checklist that we use to make sure we don't miss anything.

Call me disrespectful, but I think it is 100% unacceptable for someone receiving compensation for compliance services to ask who the Highly's are. You have or should have enough information to figure that out on your own.

Certain payroll providers who shall remain nameless use 30 page questionnaires with technical definitions, etc., inquiring about controlled groups and key employees, etc. Believe me, I whip that right out when we go up against them on a proposal or if someone wants to leave us for them over fees. Works every time!

My guess is that your clients are not reading your 30 page document at all or at least not very carefully.

Love the Car Talk reference though I thought it was Dewey Cheetham and Howe, but I guess that was the law firm and not the insurance company....

[RatherBeGolfing]

Well, mine was after the merger with Screwem, Goode, and Hart

I had a law school professor who was a genius when it came to funny aptonyms on exams. My favorite example was the dentist office of Hurt, Pullem and Yankum.

[Mr Bagwell]

Austin,

You are spot on.

I know that if I received a 30 page document every year, I would be annoyed. That's why I want it to be better and more efficient.

Thanks

[austin3515]

1 to 2 pages is all anyone can take!

[ESOP Guy]

We can do it for all of our client with an online questionnaire (this doesn't include the name, ssn...) that is 5 web pages. Most of the data rolls forward from the prior year and we ask them to update it if changes (it is a rare day the company name changes, they might change attorney now and then but not often for example) . I have not counted total questions but I would be shocked if it is over 50 in total.

Critical test data is not rolled forward. For an ESOP we make them give us the synthetic equity every year and will actually do a follow up e-mail as 409(p) is that important to get right.

I have never worked for any place that would send 30 pages and would imagine my clients would balk at the idea.