Personable.
Trusted partners in retirement plan services.
Comprehensive.
Responsive.
Transparent.
The Wells Thomas team provides consulting and administrative services for over 1,000 retirement plans. Plan types include 401(k), profit sharing, prevailing wage, 403(b), 457, cash balance and traditional defined benefit plans. Our team is focused on providing straightforward yet comprehensive strategies that best fit the individual needs and objectives of each and every client. Understanding that the success of a retirement plan is a direct result of the administrative services received, all of us at Wells Thomas are committed to a hands-on approach in providing a full array of options.
Services
It takes the combined expertise of a third party administrator like Wells Thomas, an investment advisor, and a recordkeeper to optimize each client’s retirement plan. Our technical staff works directly with clients and their advisors to develop design alternatives which will allow your plan to meet the company’s and the participants’ expectations and objectives, as well as meet all regulations and avoid duplication of effort.
PLAN DESIGN
Design options are comprehensive and developed to meet the specific needs of the client organization, from the traditional and more basic plan design to those that are more defined or industry-specific.
Basic Plan Design:
401(k) Retirement
Profit Sharing
Advanced Plan Design
Defined Benefit
Prevailing Wage for
Construction Contractors
403(b) Plans for Public Schools, Tax-Exempt Organizations
457 Plans for Government Employees
A thorough and balanced plan design is just the beginning of retirement plan services offered at Wells Thomas. We continually advise on any changes in the law which may require plan documents to be amended, and periodically make recommendations for changes which may enhance benefit programs. Document service includes:
PLAN DOCUMENTATION
A “Paperless” Workflow: Wells Thomas offers the ability of electronic transfer of plan administrative data, greatly reducing our clients’ time spent on the completion of data requests and payroll submissions. Our client website allows immediate access to all current plan documents, as well as other plan related materials.
Basic Plan Document
Summary Plan Description
Automatic Model Amendments
A Wells Thomas team member is assigned as the dedicated administrator for each client plan, working in collaboration throughout the year, and leading the preparation of the year-end valuation reports. Annual reports and compliance filing items include:
Annual reports & filings
Other year-end services include preparing the 5500 series government form with attachments and filing electronically with the Department of Labor on an annual basis. If a plan has over 100 eligible participants, we assist in the completion of the Plan Audit that must be submitted with the 5500 series form. A summary of the filing, the Summary Annual Report, is then prepared for distribution to plan participants.
Plan Specifications
Census Data Listing
Contribution Allocations
Non-Discrimination Testing & Compliance
Plan Level and Participant Level Account Information
When plan participants opt to borrow or take a distribution from the plan, Wells Thomas helps coordinate the process with the plan recordkeeper. In situations where the recordkeeper does not prepare the required forms, we do so.
DISTRIBUTION ADMINISTRATION
Customized retirement plans that fit your client needs: At Wells Thomas we are proud of our long history of successful collaboration with accountants and other financial advisors. We understand the impact that a retirement plan has on a client’s cash-flow and tax savings, and know that off-the-shelf, cookie-cutter plans are not the best strategy for clients with varying needs. We use a straightforward, team approach to developing a plan strategy that responds to the specific client needs and objectives.
PROFESSIONAL ADVISORS
We work side-by-side with professional advisors and their clients, taking as much of a role in the plan process as requested. Services we can provide include:
Consultations with client
Side-by-side plan design comparisons
Year-end contribution projections
Annual employee educational meetings to review the plan and any changes
Assistance with plan audits (DOL and IRS)
Plan reviews
Paperless workflow capabilities
Wells Thomas is a go-to resource on retirement plan regulations for local CPAs and investment professionals. We welcome all questions, even if not pertaining to one of our clients.
Feel free to call us at 203.483.9998 and ask to speak to one of our plan administrators.
Let us help you navigate the world of retirement planning that meets the needs of both you and your employees.
Request a Proposal
contact us →
