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Professional Administration Services

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Plan Administration

Administration of all qualified plans involves specialized knowledge and each succeeding tax act adds to the complexity. BCSI provides you with a clear guidance in this ever-changing environment. BCSI brings you the actuarial, technical and computer expertise necessary to administer ESOPs as well as other qualified plans.

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Annual ESOP Adnimistration Services

BCSI's annual plan administration includes the following services:

- Plan Year-End Services related to allocating shares and reporting the most recent appraised value. These services include determination of participant eligibility, determining deductible contributions and determining share allocation plus the actual allocation of shares and forfeitures to participants' accounts.

- Various Compilance Testing including top-heavy testing, coverage testing, annual addition testing under IRC Section 415, special S corporation ESOP anti-abuse testing under IRC Section 409(p).

- Preparation of an Annual Management Report summarizing the activity for the year, including an accounting and reconciliation of participants (active, vested terminated and retired), tracking of the various stock accounts (suspense accounts, active accounts, forfeiture accounts, etc.), details of the stock allocation, etc.

- Preparation of Government Filings 5500's and related schedules.

- Preparation of Employee Benefit Statements for all participants as of the valuation date showing current year allocations/contributions, employee account balances, and the current market value of accounts.