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Administering Retirement Plans

April 13, 2006

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Pension plans are extremely complex to administer. If you decide to have one, your best course of action is probably to have an outside administrator take care of it for you, unless you want to hire a full-time employee as an administrator. You could easily spend a large percentage of your time trying to take care of all the details yourself, but why do it at the expense of your business?

Even if you farm out the administration to a third party, you'll need to have a broad overview of the important considerations to help you select an administrator and to help you do a better job of evaluating the administrator's work. In order to do that, you'll need to know something about:

• plan distributions
• rollovers
• fiduciary responsibilities
• recordkeeping requirements
• plan loans
• reporting and disclosure requirements
• plan terminations

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