Retirement Administration

Public and Private Pension Plans

FHA-TPA also offers comprehensive pension administration for public municipalities, including police and fire, as well as private sector plans. This includes:

  • Defined Benefit Pension Plans
  • Defined Contribution Pension Plans
  • 401(k) Plans

We maintain a database of complete participant records for all documentation received including hours worked and contributions paid or required to be paid for each plan year. For each participant (or former participant) we track their accrued benefit, credited service, date of birth, date of entry, sex, employer contribution history and beneficiaries. Other routine services include:

  • Determining benefit eligibility in accordance with the Pension Plan and rules and regulations adopted by the Trustees.
  • Responding to participant inquires regarding eligibility, Plan coverage, and status of benefit payments.
  • Providing participants and applicants with written documentation of eligibility status upon request
  • Maintaining and processing records of eligibility based on reciprocity agreements and procedures established by the Trustees
  • Distributing Plan communication materials and summary plan descriptions
  • Processing benefit applications and requests for retirement benefits.
  • Advising retirees of IRS procedures for reporting and withholding of federal income taxes from benefit payments, provide necessary forms for compliance.
  • Verifying accuracy of employer contributions and reports and maintaining these records.
  • Distributing necessary retirement forms and retaining completed forms.
  • QDRO and DROP processing.
  • Approving and processing of hardship distributions.
  • Performing annual certification to determine whether participants receiving disability pensions still meet the Plan's definition of disability
  • Maintaining retiree files including information on benefit amount, type of benefit, spouse data, etc.
  • Monitoring Pension Plan rules relating to mandatory 70 1/2 distributions, maximum benefit payment, and suspension of pension benefits.
  • Processing retirement benefits payment in accordance with each Pension Plan.
  • Providing member data to record keepers and consultants
  • Reconciling monthly contributions and transferring funds to appropriate parties
  • Preparing and distributing annual benefit statements to participants
  • Performing regular audit of retirees, beneficiaries and terminated vested participants against death records
  • Working with the Trust's consultant and/or attorney on Plan interpretations as required
  • Providing the actuary with annual reports of participant data for actuarial valuations
  • Preparing weekly electronic file transmissions of employer contributions and employee rollover contributions, including reconciling data, for Plan record keepers
  • Preparing monthly financial statements including a balance sheet and statement of income and expense
  • Full financial reporting
  • Creation of custom website exclusive to the Plan
  • Offer participant self-service options online

 

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