| Our annual services for qualified plans include maintenance of employee data base, determination of required deposits to the plan, discrimination and coverage testing, preparation of participant disclosure information and preparation of required annual government filings.
Our fee structure is determined using a base fee plus a per participant charge. The per participant charge varies depending on the frequency of employee statements but it generally decreases as the number of participants increases.
The following five tables illustrate our annual fees broken down by base fee and per participant fee.
The first table provides the fees for individual account arrangements associated with 401(k)/Profit Sharing Plans. These are plans where each participant has access to their individual account via a web based interface provided by the fund manager.
The remaining tables provide fees for plans where the accounts are pooled in nature and the participants do not have access to account information over the web.
| Individual Account Arrangements for 401(k) / Profit Sharing Plans |
Base Fee |
| Plans where all money is 100% Vested |
$1,400 |
| - Per Participant Fee |
$11 |
| Plans where all money is subject to a vesting schedule |
$2,200 |
| - Per Participant Fee |
$15 |
| Type of Qualified Retirement Plan - Pooled Funds |
Base Fee |
| Defined Benefit Plan |
$2,500 |
| Cash Balance Plan |
$3,670 |
| 401(k) - Annual Statements |
$2,350 |
| 401(k) - Semi-Annual Statements |
$2,600 |
| 401(k) - Quarterly Statements |
$3,300 |
| Money Purchase Plan |
$1,800 |
| Profit Sharing Plan |
$1,800 |
| Target Benefit Plan |
$1,800 |
| Cross Tested Plan |
$2,300 |
| Type of Non-Qualified Plan |
Base Fee |
| Post-Retirement Benefits (FAS 158) |
$2,730 |
| Government Post-Retirement Benefits (GASB 45) |
$2,730 |
Participant
Fee |
Processing Cycle |
| Annual |
Semi-Annual |
Quarterly |
| First 10 |
$35 Each |
$45 Each |
$55 Each |
| Next 15 |
$30 Each |
$40 Each |
$50 Each |
| Next 25 |
$25 Each |
$35 Each |
$45 Each |
| Next 50 |
$20 Each |
$30 Each |
$40 Each |
| Over 100 |
Call |
For |
Quote |
| Additional Services |
Rate |
| Actuarial Consulting Services |
$275 Per Hour |
| General Consulting Services |
$175 Per Hour |
| Plan Administrative Services |
$75 Per Hour |
| Benefit Calculations (Defined Benefit) |
$155-$175 |
| Benefit Calculations (Defined Contribution) |
$50 - $70 |
|
| Participant Loans |
$45 Setup |
| 1099-R's |
Time & Expense ($40 Minimum) |
|
| Standardized Plan Document |
$1,300 |
| Non-Standardized Plan Document |
$1,700 Plus IRS Filing Fees |
| Cash Balance Plan |
$2,400 Plus IRS Filing Fee |
| Individually Designed Plan Document |
$3,400 Plus IRS Filing Fee |
The actual fee quote will be prepared by a representative from Benefits Management, Inc. prior to commencement of any work.
This fee schedule was last updated as of January 1, 2022.
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