Below you will find several resources helpful to existing clients. Throughout the year, you will need various tools and information to help ensure the annual administration process runs smoothly. We encourage you to call us anytime you have questions or need help utilizing the tools provided here. Please note we have provided links to several service providers below to assist you, but there are many others worthy of consideration. We are not paid by these service providers nor have they asked us to recommend them. Our clients have successfully utilized their services to help manage various aspects of their qualified plan.
EFAST2 is an all-electronic system to simplify the submission, receipt and processing of retirement plan reporting for Form 5500 and 5500-SF. It is now a requirement that these forms be electronically filed each year for a qualified retirement plan. For your convenience, MGKS can file the Form 5500 on your behalf. However, you may file your return by getting filing signer credentials and registering with the Department of Labor. If you prefer to file your own return, click here for the tools needed to walk you through the process.
Already credentialed? Click here to file your Form 5500.
Many fiduciaries of employee benefit plans must meet certain bonding requirements. Unless exempt, the plan sponsor must have bond coverage equal to at least 10% of the Plan’s total assets, with a maximum of $500,000. Please contact your current insurance provider for more details. If you do not have a current insurance provider you can access a list of the Department of the Treasury's Certified Companies here or contact Colonial Surety to obtain information on purchasing bond coverage. For additional information about ERISA Fidelity Bonding Requirements, you may visit the Department of Labor website.
We understand and appreciate the importance of keeping the data you share with us confidential and secure. Whether you are providing social security numbers, salary information, or any other sensitive information, we can assure you using the MGKS PlanSponsorLink Secure File Exchange system ensures all of us that important data isn't getting into the wrong hands. Please click here to download instructions for using our secure file exchange system. Please click here to retrieve or send files.
You can download the following administrative forms by clicking on the form name. The completed and signed forms should be sent to our office by email, secure file exchange or regular mail. Please note you should never send confidential information (like documents containing social security numbers) via email. Click here for access to a variety of administrative forms. Please contact us if you have questions.
EFTPS is a tax payment service provided free by the U.S. Department of Treasury. You are required to use this system when paying federal withholding on participant distributions that come from your qualified plan. After you have enrolled and received your credentials, you can pay taxes timely and efficiently. Please log onto the EFTPS website to both enroll and make payments.
There are times when a former participant in your qualified plan cannot be tracked down. If your efforts to locate them have been unsuccessful, it may be necessary to utilize the services of participant locator service. Several of our clients have successfully used PBI Participant Research Services to obtain current contact information. It's important to locate participants and get them paid out as soon as possible.
Automatic Rollover Assistance
A former participant usually elects to rollover their account balances or take a lump sum distribution shortly after they terminate employment. However, there are times when a former employee with a vested account balance becomes unlocatable or un-responsive. If their account balance is less than $5,000 you can setup an Individual Retirement Account (IRA) on their behalf and get the money out of the plan. Several of our clients have successfully used Millennium Trust Company or SaveDaily to setup these IRA accounts. Please contact our office prior to setting up a rollover account so we can discuss your situation and verify the participant is eligible for an automatic rollover.
Plan Transition Solutions
If you are considering changing the investment provider or options available in a retirement plan, MGKS can assist in that transition. Our dedicated and experienced staff can assist within a multitude of platform and investment providers. We will work closely with you and your client to ensure the implementation is as smooth as possible. We can assist as you consider the direction of your client's current retirement brokerage accounts.
If you have questions or would like detailed information, please feel free to call our office or e-mail the following individuals.