Plan Recordkeeping And Administration

We’ve cut the time and staffing needed to administer your retirement programs—by doing it for you or by working with record-keepers on your behalf. In short, we’ve streamlined the administrative processes for defined contribution plans, daily valuation 401(k) plans and profit sharing plans. Using the latest recordkeeping technology, we provide accurate, timely information to plan administrators and participants.

More specific information can be found in the PBRetire section of our site.

While we have many partners who serve as Third-Party Administrators, PBRetire is Primark Benefits’ in-house, open architecture recordkeeping service. As a TPA, we offer clients a larger set of available funds through Charles Schwab or Matrix. Brokers may set up Directed Portfolios with or without access to individual mutual funds. Participants have full access to individual brokerage accounts at Charles Schwab, Ameritrade, or other national wire houses. Learn more about PBRetire, and how it can benefit your business.

For more information on PBRetire, contact us today.

BRetire utilizes the latest technology to maintain plan documents and to lower maintenance costs. Here are just some of the services we provide for smooth and efficient plan operation:

  • Calculate employee eligibility and plan entry.
  • Maintain participant vested percentage records.
  • Process each payroll, allocating contributions and loan payments according to the participant’s investment elections.
  • Process fund transfers in accordance with participant elections.
  • Determine eligibility for allocation of employer contributions and forfeitures.
  • Allocate employer and employee contributions.
  • Allocate plan earnings.
  • Allocate forfeitures, if applicable.
  • Distribution processing: Calculation of distribution amount, preparation of required distribution notices, release forms and IRS Form 1099-R.
  • Loan processing: Set up of loan accounts, preparation of promissory note and amortization schedule and tracking loan repayments.
  • Hardship withdrawal processing: Determination of hardship distribution amount and preparation of application forms.
  • Reconcile trust accounts.
  • Prepare customized participant statements.
  • Monitor participants who are required to receive age 70½ distributions.