About EIP

Administration

Employee Incentive Plans, Inc is a third party administrative firm that administers qualified retirement plans. The administration of a plan requires keeping records of plan contributions, benefits, and employee information, as well as filing certain tax forms annually to substantiate the tax deduction allowed to the firm.

Generally, administration may include:

• Establishing a plan and trust document
• Determining an investment product suited for your plan
• Providing notification to employees of the existence of the plan and generally stated plan provisions as required by the Department of Labor and the Internal Revenue Service
• Reviewing eligibility to determine which employees can participate each year
• Annual investment or enrollment meetings
• Reconciling plan assets each year to assure proper contributions have been made to maintain the benefits
• Providing participant statements annually or quarterly outlining account values
• Processing termination, loan, and hardship distributions timely
• Providing daily or annual valuation services
• Filing the plan with the Internal Revenue Service
• Reviewing all required plan testing such as, 410(b) coverage, 401(k) and 401(m) testing, top-heavy and 415 limitations
• Filing a return to the Internal Revenue Service annually to report on the status of contributions and plan assets
• Preparing the reports annually as required by the Department of Labor