Employers

Defined Benefit Plans


Summit Benefit & Actuarial Services, Inc. has been providing actuarial and benefit consulting and administration for many years. Our staff of experienced and credentialed actuaries and benefit professionals is well versed in the complexities of plan design, administration, and operational compliance and reporting.

The single most relevant statistic about the strength of our firm is the number of defined benefit (including cash balance) plans that we work on annually – about 800 plans! This number puts our firm in the top 10 actuarial firms in the country.

We do not sell investment or insurance products. Our expertise is strictly in the navigation of the complex laws and IRS regulations that surround qualified plans. We pride ourselves in listening to our clients and creatively designing qualified plans that maximize their business objectives. We are widely considered experts in pension design, specializing in cash balance plans.

Our actuarial and administrative support for sponsors of defined benefit plans includes the following:

    • Plan design
    • Plan documents
    • Annual actuarial valuations
    • Cash balance plans
    • Benefit calculations
    • ASC 715 reports
    • Preparation of Form 5500, including Schedule SB
    • Preparation of PBGC Annual Premium Filings (if applicable)

Feel free to call Norman Levinrad at (800)-643-6352 x 311; to discuss our pension services, or to request references.

Defined Contribution Plans


Summit Benefit & Actuarial Services, Inc. has been providing actuarial and benefit consulting and administration for many years. Our staff of experienced and credentialed actuaries and benefit professionals is well versed in the complexities of plan design, administration, and operational compliance and reporting. We do not sell investment or insurance products. Our expertise is strictly in the navigation of the complex laws and IRS regulations that surround qualified plans. We pride ourselves in listening to our clients and creatively designing qualified plans that maximize their business objectives.

We administer all types of qualified plans, including 401(k), 403(b), profit sharing, and other defined contribution plans. As a full-service firm, we provide complete hands-on administration of 401(k) and 403(b) plans each payroll period. Few TPA firms provide this level of service. Each payroll period Summit collects payroll data electronically from our clients. We determine participant eligibility for contributions, verify that the employees’ salary deferrals equal their elections, calculate the employer contribution and provide the client with a signature-ready report to submit to the investment house or broker. When possible, we will also interface with the investment houses electronically.

Our data processing services reduce the Plan Sponsor’s internal administrative burdens, lower the internal soft costs of managing the plan and provide reports that are easy to audit and reconcile.

Our administrative services include the following:
    • Plan design
    • Plan documents
    • Per payroll data processing
    • Distribution processing
    • Compliance testing
    • Annual valuations
    • Preparation of Form 5500

We can also help you get your plan back on track if you have had errors or problems in the past. Our administrators and consultants are experience with plan corrections, including late Form 5500 filings, late deposits and compliance failures.

Feel free to call Jeff Curl at (800)-643-6352 x 312; to discuss our retirement plan services, or to request references.

Affordable Care Act (ACA) Services


Summit's Affordable Care Act (ACA) solution doesn’t require you to know the complex rules of the 6055 & 6056 IRS Regulations, just give us the data and we’ll take it from there. We’re not offering tools or kits for employers to do it themselves. We’ll design the ‘compliance plan’ and back test it to ensure that it minimizes penalty exposure. Summit will inform who to cover, when to cover, and complete reporting at the end of the year.

We are simply experts in the Affordable Care Act regulations and strongly believe that the level of service and expertise that we provide cannot be matched. Our fixed fee approach to customer service means that our clients are not charged for periodic phone calls during the year. As a CEFEX certified firm, our clients are assured that Summit meets our Industry’s Best Practices as defined by the American Society of Pension Professionals and Actuaries.

We have been monitoring the complex (and changing) ACA regulations, and have a firm understanding of what is needed in order for Applicable Large Employers to comply with the Affordable Care Act.

Our ACA administration, compliance and IRS reporting services:
    • Require no internal employer expertise
    • Significantly reduce investment of time and resources
    • Reduce exposure to the financial consequences of mistakes
Our services include (but are not limited to):
    • ACA Plan Design
    • Data validation and processing
    • Determining Applicable Large Employer Status
    • Complete all calculations and determinations
    • Provide monthly employer reports
      • Identifying full-time, new and ongoing employees
      • Tracking employees measurement, administrative, eligible, and ineligible stability periods
      • Determining which employees are entitled to a benefit offer
      • Forecasting potential penalty exposure
    • Generate 1095-C reports and distribute to employer or employees
    • Generate 1094-C/1095-C’s for IRS annual reporting
    • Submit electronically to the IRS
    • Generate and issue 1094-B and 1095-B forms for providers of minimum essential coverage
    • Continually monitoring changes in ACA regulations
    • Readily available access to ACA Compliance Experts
Summit is prepared to assist employers and advisors in any questions they may have, and help navigate their legal compliance with the Affordable Care Act.

Contact us at ACAPro@SummitBenefit.com for more information.

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