Third Party Administration and Operational Compliance

Our focus is to provide small employers with expertise and ongoing support so that they know their retirement plan is in operational compliance.

Below are some of the services QPS offers as a third party administrator:

  • Calculate employee eligibility and plan entry dates.
  • Maintain participant vested percentages.
  • Calculate employer contributions and forfeitures if applicable.
  • Allocate employer and employee contributions.
  • Confirm that contributions are made timely and deposited into correct participant accounts.
  • Perform all required plan discrimination testing.
  • Reconcile trust accounts and allocate plan earnings.
  • Prepare customized participant statements.
  • Monitor participants who are required to receive age 70½ distributions.
  • Process distributions: calculation of distribution amounts, preparation of required distribution notices, release forms and preparation of IRS Form 1099-Rs if applicable.
  • Process Hardship withdrawal requests: approve and determine amount of hardship distributions and preparation of applicable forms.
  • Process Loans: set up of loan accounts, preparation of promissory note and amortization schedule and tracking of loan repayments.

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