A comprehensive Service Agreement between you and your administrator is an important tool in determining the effectiveness of service provided to your plan and participants. Structuring a Service Agreement that clearly identifies services and performance standards will provide you and your service provider with a clear understanding of commitments and expectations. The following items provide an outline of general topics to be covered in a comprehensive Service Agreement.
Transition Services
- Participant Notifications
- Transfer of Data
- Transfer of Assets
- Execution of Agreements
Participant Record Keeping
- Current Data
- Historical Data
- Allocation of contributions, withdrawals, distributions, investment options
Participant Reporting
- Statements
- Confirmations
- Plan Administration
Procedures
- Processing
- Automating payrolls
- Monitoring IRC/Plan compliance
- Support for other carriers
- Participant and Payroll location contact data
- Improvements to plan document
- Providing demographics information
Education
- Creation & distribution of material
- Conducting training
- Enrollment meetings
- Counseling services
Advertising and Marketing
Investment Administration
- Coordination with investment providers
- Plan reporting
- Transfer of funds to investment providers
- Investment performance reporting
- Setting up new investment options
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