Yearly Data Collection

Here we will detail for you why we collect year end data and specifically what we need from you.

 

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Chess - Proactive or Reactive

When engaged in Chess, It is always best to be proactive in your thinking. Your first move sets the tone for all future moves. Acting first (Proactive Thinking) keeps you ahead. Responding after the fact, (Reactive Thinking) means you are playing catch up.

Strategic Thinking

Once engaged in Chess, one needs to have at least three possible next moves in mind to help assure of having all contingencies covered. The same is true with Retirement Plans.

Strategic Planning

Understanding the possible impact of these three possible moves means you are keeping an eye on all of the factors that could cause either a negative or positive impact on your retirement plans.

Exit Strategy

Always having a clear picture of the end game keeps the Stategic Thinking and Planning in tune with your future as your retirement plans mature.

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Yearly Data Collection

In order for John S Agatston Actuarial Services to accurately generate and submit the required yearly reporting, we must have the following information.

  1. Asset balance as of your plan year end. Asset data could include:
    1. Trust statement
    2. Bank statement(s)
    3. Schedule A

Census data as of your plan year end. Census data includes:

    1. Employee Name
    2. Employee Date of Birth (DOB)
    3. Employee Date of Hire (DOH)
    4. Employee Date of Termination (DOT)
    5. Employee hours worked
    6. Employee Wages
    7. Employee bonus (if any)
    8. Employee deferrals

All contribution activity for the plan year being reported. This would include:

Dates and amounts of contributions made during the plan year being reported.

    1. Dates and amounts of contributions made during the 8 ½ months after the plan year end but accredited to the plan year being reported. (Example: for a calendar year plan this would be September 15th)

Having all the above data items provides the basis for the following yearly reports and submissions:


Plan Actuarial Valuation
Plan Year End Report
Participant Benefit Statements
Participant Termination Calculation
IRS/DOL Form 5500 and its associated forms
PBGC forms

 

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