401(k) Plan Profile – Existing Plan
Company information
Company name:
Description of industry ______
Name of Contact(s)
E-Mail Address ______
Telephone: (O)(Fax)
Number of company locations What city or state?
Name of CPA? Attorney
Organizational structure: Reg. Corporation Subchapter S Corp.
Sole Proprietor Other (list)
Number of full-time employees (more than 20 hours per week) Part-time
How many employees are active participants in the plan? ______
How many active account balances for terminated employees? ______
Expected number of benefit distributions per year? ______
Are there Union employees? Y N Leased? Y N Contract? Y N
Is the employer part of a controlled group? If yes, how many entities?
Is the payroll processed internally? Externally (payroll service)
How many payroll locations? ______Are the locations processed independently? Y N
What is projected annual payroll? ______
Is there currently another plan? Y N Were any plans terminated in past year? Y N
How have the objectives of the plan changed since it was established?______
When was the last review of the plan design or features?
What is the most positive factor about the current provider(s)? ______
What are the primary problem areas with the current provider(s)? ______
______
If you could change one thing about the plan, what would it be? ______
How would you rate the employee communication efforts? ______
How would your employees rate the current provider? ______
How would your employees rate the current advisor? ______
How would you rate the current provider’s effort in communicating with the employer?
Describe problems with non-discrimination tests ______
______
Are you interested in looking at any specific providers? ______
Are you evaluating or considering the services of another advisor? ______
______
Plan Design
Employer match contribution? Y N Average match over last three years? ______
Discretionary profit sharing contributions? % Average over last three years? _____%_
Expected % of employee deferrals? ____Are problems expected with ADP test? Y N
Safe-Harbor provisions offered? Y N
Participant loans offered? Y N
Have you ever condidered a non-qualified plan? Y N
Plan Structure
Do you have a specific TPA firm you wish to use? Y N
List specific investment choices available
Will employer stock be an investment option? If so, is the stock publicly traded? Y N
Are there any current investment choices that must be retained? Y N
Do you offer lifestyle funds? Y N Personal Brokerage Accounts? Y N
Do you have an investment policy statement? Y N
What are the expected annual plan administration/Recordkeeping costs? ______
What are expected annual plan investment costs? ______
Are there other costs related to the plan? ______
Are there specific employee communication needs? Y N If so, please describe
Is the plan: self-trusteed? Y NDirective Corporate trustee Y N
Frequency of valuation:Daily ______Quarterly ______Annual ______
Conversion method preferred Fund Mapping ______Cash Conversion ______
Plan Review Checklist:
- Current Summary Plan Description
- Current Adoption Agreement
- Most Recent 5500 Form
- Description of Investment Options
- Investment Policy Statement
Financial Advisor Information
Name ______
FA # ______Branch _____