Pension Administration

A&I is experienced in both Taft-Hartley defined benefit and defined contribution pension administration. Our comprehensive services cover all necessary aspects for a successful pension plan.

Some routine services include:

  • Responding to participant inquires regarding eligibility, coverage, status of benefit payment and requests for forms
  • Providing participants and applicants with written documentation of eligibility status
  • Preparing and distributing annual benefit statements
  • Determining benefit eligibility in accordance with the Pension Plan and rules and regulations adopted by the Trustees
  • Maintaining and processing records of eligibility based on reciprocity agreements and procedures established by the Trustees
  • Working with the Trust's consultant and/or attorney on Plan interpretations as required
  • Prorating benefits if an employer contributes less that the full negotiated contribution level
  • Providing the actuary with annual report of participant data for actuarial valuations
  • Performing annual certification to determine whether participants receiving disability pensions still meet the Plan's definition of disability

Defined Benefit Pension Administration services include:

  • Perform all functions relative to payment of retirement benefits in accordance with each Pension Plan
  • Advise retirees of procedures for withholding federal income taxes from benefit payments, and withholding and reporting amounts to the IRS
  • Verify accuracy of employer contributions and reports and maintaining these records
  • Distribute beneficiary designation forms and retaining completed forms
  • Maintain retiree files including information on benefit amount, type of benefit, spouse data, etc.
  • Perform regular audit of retirees, beneficiaries and terminated vested participants against death records
  • Monitor Pension Plan rules relating to mandatory 70 1/2 distributions, maximum benefit payment, and suspension of pension benefits

Defined Contribution Pension Administration services include:

  • Preparing weekly electronic file transmissions of employer contributions and employee rollover contributions, including reconciling data, for Plan record keepers
  • Processing requests for retirement benefits
  • Processing benefit applications
  • Distributing Plan communication materials and summary plan descriptions
  • Preparing monthly financial statements including a balance sheet and statement of income and expense
  • Providing member data to record keepers and consultants
  • Reconciling monthly contributions and transferring funds to appropriate parties
  • Participant loan processing
  • Full financial reporting