What Our Clients Are Saying
We want to know our business is being handled properly. The staff at PBMares can explain complicated plan details to a layperson, allowing me to have a better understanding of what's going on. Their experience with multiple plans and incredible wealth of knowledge gives them an edge. They can do anything I need and they really take the time to explain something when I call.
Parks Orthodontics, PC
When we wanted to make some changes to the retirement plan, but still keep it employee friendly, PBMares helped us redesign our plan. They made the process so easy and we were able to meet the goals for the owners and still give a great benefit to the employees.
Patricia H. Stibbs
Plastic Surgery Center of Hampton Roads
Third Party Administration
In today’s competitive job market, employers recognize the necessity of offering a retirement program to attract, reward and retain loyal and productive employees. In addition, qualified retirement plans are one of the few remaining tax shelters, where companies receive an up-front deduction and the participants do not pay any taxes until they receive the funds, allowing the money to grow tax-free.
PBMares, LLP provides third party administrator services, qualified retirement plan consulting and administration services to businesses throughout Virginia and currently administers or consults with over 180 qualified retirement plans.
Clients range in size from small offices to companies with 2000+ employees. Our most common retirement plan clients are 401(k) plans and profit sharing plans. These include plans with age-weighted and new comparability provisions.
With many major qualified plan options currently available, and many different ways to design those plans, the selection of a plan can be confusing. PBMares can assist you in choosing the best plan for you. Then we will customize a program that fits your company’s needs, as well as your own.
For more information on which option is right for you and your company, contact:
Anna Hunter, CPA, CPC, QPA
Director of Retirement Services
Phone: (757) 873-1587, extension 6388
- 401(k) (Traditional, Simple, and Safe Harbor)
- Profit Sharing
- Money Purchase
- Age Weighted
- New Comparability
- Independent consulting for existing and new benefit plans
- IRS and Department of Labor audit preparation
- Employer Stock Ownership Plans (ESOP)
Memberships & Affiliations
PBMares is pleased to be a member of numerous industry organizations, including:
- Internal Revenue Service
- Department of Labor
- ASPPA – American Society of Pension Professionals and Actuaries
Retirement Planning Resources
Issues & Perspectives
Common Problem in 401(k) Plans
Our TPA specialists are often asked to help clients when they are faced with an Internal Revenue Service examination of their retirement plan.
In 401(k) plans, quite often there is a question of why the amount or percentage on the enrollment form doesn’t match the amount that was withheld from each paycheck. The discrepancy often occurs when a company gives out a bonus to employees during the year and fails to withhold 401(k) deferrals from this bonus. When this happens, the IRS examiner will determine the employer failed to withhold the 401(k) amount elected by the employee and the employer will be required to fund it even though the employee already received the elected amount in cash. This undesirable, often expensive, outcome can be avoided by asking employees to fill out a special bonus election form.
If you have a pending IRS examination of your 401(k) plan, contact Anna Hunter.
Welfare Plan Filing Requirements
Employers who offer employee health, dental, life, LTD or AD&D insurance plans are required to file a Form 5500 if over 100 employees are participating. Each year, insurance companies are required to send a Schedule A form to employers with the information required to be reported with the Form 5500. If you have over 100 employees eligible for company provided insurance, a Form 5500 may be required and we will be happy to prepare the form for you. For further information, contact Anna Hunter.