PENSION PLAN ADMINISTRATION

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Holland Financial Inc. may receive compensation as a service provider related to providing services to ERISA- covered pension plans ( e.g., ERISA-covered defined benefit plans, 401(k) plans, profit sharing, and most 403(b) plans. To ensure compliance with federal regulations, a contract between a plan and Holland Financial Inc., shall disclose all compensation to be received by Holland Financial Inc. to plan fiduciaries.  

Holland Financial Inc. shall provide plan fiduciaries in writing, reasonably in advance of the date of the service contract is entered into, extended, or renewed. In general, this information will include a description of the services to be provided, an overview of all compensation expected to be received, direct or indirect, as well as compensation expected to be received upon termination of the contract, and a description of the manner in which compensations shall be received (e.g. whether the plan will be billed or fees deducted directly from the plan.)   We require a completed electronic submission of our Confidential Retirement Plan Questionnaire as well as our Plan Compliance Data Request Form. These documents can be completed and submitted online by accessing the links at the bottom of this page.

Holland Financial Inc. can be engaged to provide advice and guidance to plan sponsors and plan administrators pertaining to the design, documentation, implementation, administration and ongoing compliance for their retirement plans. Compensatory arrangements are based on the nature and scope of the matter undertaken. Generally, Holland Financial Inc. will invoice the plan sponsor directly. With respect to certain projects in which we are engaged for, the plan sponsor has determined that the anticipated costs in connection with these services are a reasonable and necessary plan administrative expense and has directed that the plan assets be debited to pay for our services.  Any costs paid by plan assets must be disclosed to the participants if such plan permits participant direction of investment options.  

Establishing a qualified plan is an important facet in the operation of any organization. The proper implementation of the plan is the result of input from the Plan Sponsor or Employer and professional guidance from those qualified to provide this level of expertise.  Holland Financial Inc. can facilitate with the process of guiding Plan Sponsors and Employers in receiving proper administration and assistance with achieving plan specific objectives.

Our experience and industry alliances with benefit specialists, qualified to have oversight with respect to administrative, actuarial, and compliance guidance issues, help ensure that a retirement plan meets the necessary requirements of the Plan Sponsor and is maintained in accordance with The Department of Labor and Internal Revenue Code rules. This assistance consists of plan implementation that is sensitive to the needs of participants and plan sponsor specific consulting that will address plan management, fiduciary risk exposure and prudent cost controls, through bench marking analysis.

We may also be engaged to provide Plan Sponsors of tax qualified retirement plans, ERISA section(s) 3(16) administrative fiduciary protection services. ERISA section(s) 3(16)  provide the standards by which any individual performing services for the plan might become a fiduciary due to the functions they actually (or have ability to) perform. 

Holland Financial Inc. may be named in plan documents, be appointed to have discretionary responsibility in the administration of the plan, or perform certain plan administrative duties on behalf of plan sponsors who may delegate these tasks. Such tasks may include, but are not limited to, compliance testing, filing required documents, plan eligibility notifications, approval of participant loans and distributions, as well as the delivery of required participant notifications and disclosures.  By leveraging our resources, we can help to mitigate a significant amount of the administrative burden a Plan Sponsor can potentially face in conjunction with the oversight of their retirement plan.  

Vendors that work with Holland Financial Inc. provide state- of- the- art technology and administration solutions predicated on the objectives of the retirement plan through guidance by the Plan Sponsor.  We seek to provide a level of service designed to provide accurate and timely administration solutions that are focused in the follow areas:

• Plan strategy and design: Ensuring the proper application of the eligibility requirements of the Plan from the employee census documentation provided from the Plan Sponsor. This can facilitate in determining the employees eligible to participate in the Plan. Assessing the role of a DC plan in your organizational strategy. Providing an overview on the appropriate plan design.

• Plan consulting: Formulating an overall strategy and then selecting and monitoring specific options in accordance with objectives.

• Vendor selection and monitoring: Benchmarking the administrative and service provider fees and conducting reviews to ensure the outsourcing vendor is operating the plan in compliance with its terms and conditions.

• Compliance Support: Developing and rendering guidance on governance programs and a suite of retirement plan compliance documentation. Form 5500 Regulatory Fulfillment.

• Retirement program operations and administration review: Reducing fiduciary risk exposure. Helping to ensure regulatory compliance and minimizing the potential that a problem will surface and result in costly corrective actions.

• Plan communication and education: Communicating the value of DC plans to employees and preparing and motivating them to save adequately for retirement and working with you to customize messages to meet the specific needs of your organization or employee population.

Existing clients may access the Plan Sponsor Client Portal

Additional information may be requested through our contact form. For your convenience, the firm accepts business inquires by e-mail, Monday through Friday from 9:00 AM until 9:00 PM eastern standard time.