Retirement Plan Administration & Consulting

As a retirement plan sponsor or plan administrator, you’re looking for an advisor who will listen to understand your goals and needs. Our goal is to work with you to find the best retirement plan solutions for your business.

Because each relationship has several contacts and requires a custom solution, we offer a consultative approach to meet your needs at every stage of your retirement plan. Your team of third-party administrators at PBMares has the depth of experience to understand the unique needs of your plan, and we’re nimble enough to pivot as needed. Our Team Leaders work collaboratively to ensure responsive, well-rounded service.

Many on PBMares’ Retirement Plan Administration and Consulting team hold designations for and are members of the American Society of Pension Professionals & Actuaries, the national organization for retirement plan professionals. They also hold the Qualified 401(k) Administrator (QKA) credential, which is awarded only after passing two rigorous exams in Plan Management and Testing & Compliance.

SOLVING BUSINESS ISSUES

“The Retirement Plan Services team is the best at taking care of our 401(k) and teaching us what we need to do to be compliant!! They always answer our questions and lead us in the right direction.”

Director of Finance, SAMUEL I. WHITE, P.C.

“We’re a family owned practice, and PBMares is part of our family. We know we are in good hands, and their level of knowledge and professionalism is outstanding. For example, they suggested changes to our plan to better accommodate the millennials in our practice that made a big difference. PBMares looks out for our needs. When we don’t know something, we know we have PBMares.”

Sandra Parks, Practice Manager, PARKS ORTHODONTICS

Our experienced retirement plan specialists offer personal service that provides the answers you need and the flexibility you want.

Services/What We Do

Plan Design

Employers, Owners, Management  

We work with you to ensure your plan design aligns with your business goals. Each business has unique issues and challenges; so too should your plan design. Our consultants have business backgrounds that help you match the plan design with business goals.

Starting with an in-depth plan design discussion, we take a deep dive into the options available. We utilize pre-approved plan documents, and our services include keeping the documents up to date for tax law changes. Periodic plan design discussions are encouraged, as plan designs can grow stale quickly in a fast-changing business environment.

Plan Administration and Compliance

Annual Administration and Compliance

Our goal is to ensure your plan operates efficiently.

While we handle required compliance testing and filings, what sets us apart is what we do that is not required. Taking your data and generating voluminous compliance reports is not helpful. Instead, we work with you to ensure compliance with the plan documents in a way that’s easy to understand. You will receive an annual compliance package, which includes easy-to-follow actions items and meaningful recommendations.

Form 5500 Filings

Form 5500 and related filings are included in our administration and compliance services. We also prepare Form 5500 filings on a standalone basis, including health and welfare plan filings.

Delinquent Form 5500 Filings

It’s easy to get behind in compliance, especially if plan administration is not your full-time job. If you have missed a few filings, we can help get you up to date using the Department of Labor (DOL) and IRS delinquent filer programs.

Plan Consulting

Correction of Plan Failures

Retirement plans can be complex, and errors happen. Whether it’s an error in employer eligibility, missing or late required minimum distributions, failure to timely amend the plan for tax law changes, or something else, we can help with corrections. Our Retirement Plan Services team can also look forward and help you implement changes so the plan avoids the same administrative mistakes in the future.

Fractional TPA (third-party administrative) Services

Turn-key plan solutions are often efficient, but sometimes result in their own pain points. For example, a plan has a solution with a state-of-the-art recordkeeper and investment provider. However, expectations are not met for annual employer contribution allocations and nondiscrimination testing, which leads to issues like timing of completion and lack of consulting.

When the turn-key solution is otherwise working well, we can step in to address the pain points without disrupting the entire process for the employer and employees.

Audit Representation

When the IRS selects your plan for an audit or the DOL opens an investigation, we can help. The level of assistance needed is up to you. We can work with you to assemble the data requested and represent you during the audit or investigation.

Defined Benefit Plans

If your goal for retirement savings is more than what’s allowed in a defined contribution plan, like a 401(k) plan, a defined benefit plan could be the solution. Working with our outside actuary partners, we will help you explore this option and, if it is right for you, work with you to implement and maintain the plan.

RETIREMENT PLAN INSIGHTS

MEET YOUR TEAM LEADERS

Gary Kitts, CPA - PBMares, LLP Virginia

Gary Kitts, CPA
Partner, Retirement Plan Services

Cindy Kochersperger, CPA, QKA

Cindy Turner, CPA, QKA
Partner, Retirement Plan Services

Stacie Newnam, Partner, PBMares Retirement Plan Services

Stacie L. Newnam, CPA, QKA
Partner, Retirement Plan Services

Contact us to make the most of your retirement plan.