Modern Wealth Business

Third Party Administration & Fiduciary Consulting Services

Standard Services

Initial Installation & Document Review

  • Review of Plan Document and set up in compliance/government reporting systems to match the terms identified in plan document
  • Coordinate with record-keeper and other service providers and plan sponsor to establish processes to maximize efficiency, operate in compliance with plan document and avoid any duplication of efforts.

Plan Document Services

  • Preparation of Plan Documentation & Summary Plan Description (SPD).
  • Monitoring and amending a plan to help ensure it complies with evolving Legislation and IRS/DOL Regulations
  • Preparation and updates to Loan Policy Statement
  • Preparation and update to Qualified Domestic Relations Order (QDRO) Policy Statement
  • Administrative Forms
  • Annual document maintenance review
  • Preparation of Annual Safe Harbor Amendment & Participant Notice (if required)
  • Advisement of changes in legislation which impact the plan.


  • Available to respond to questions from Plan Sponsor on an ongoing basis
  • Work with record-keeper/platform provider to maintain optimal operations for transaction processing (i.e., contributions, distributions, loan processing, etc.) to avoid duplication of efforts from service providers.


  • Compliance testing, including anti-discrimination testing, top-heavy testing, coverage testing, and maximum annual addition limitation testing. (Anti-discrimination projections will be charged at an hourly rate).
  • Calculation of annual employer non-elective contributions & annual matching contributions pursuant to plan document terms
  • Calculate allocation of forfeitures pursuant to plan document terms
  • One mid-year testing projection based upon current plan provisions included.

Government Reporting

  • DOL Form 5500 preparation and required Schedules including Summary Annual Report (SAR) for small plans (generally, less than 100 eligible participants as of the beginning of the Plan Year).
  • IRS Form 8955-SSA preparation and filing if required.

Consulting Services

Plan Design & Consulting

  • Consulting on plan structure, such as offering an employer match, safe-harbor option, automatic contribution arrangement, etc. ​
  • Providing guidance through company mergers, acquisitions or terminations.

Plan Document Amendments

  • Plan Amendments and Summary of Material Modifications or new SPD.
  • Monitoring, redesigning and/or amending a plan document to reflect significant changes in a company.

Qualified Plan Audit Support

  • An ERISA knowledgeable professional with an ERPA designation will represent you during an IRS audit, offering guidance as appropriate.
  • An ERISA knowledgeable professional with a CPA designation will represent you during a Department of Labor audit, offering guidance as appropriate.
  • Review plan records and reports in preparation for audit, identifying any areas of concern.​

Correction Programs

  • Employee Plans Compliance Resolution System – EPCRS (IRS) – prepared filing and represent client in front of Internal Revenue Service (IRS).
  • Voluntary Fiduciary Correction Program – VFCP (DOL) – either the Self Correction Program (SCP) or the Voluntary Correction Program (VCP) where applicable and appropriate. VCP includes preparation of filing and representation of client in front of the DOL.

Ancillary Services

Government Reporting for Large Plans

  • DOL Form 5500 preparation and required Schedules including Summary Annual Report (SAR) for large plans (generally, 100 or more eligible participants as of the beginning of the Plan Year).
  • IRS Form 8955-SSA preparation and filing if required.
  • Additional work with auditors to the Form 5500 for plans with more than 100 participants.

Compliance Testing – Cross-tested New Comparability Plan

  • Calculation of cross-tested new comparability profit sharing allocation (up to two calculations from projected employer allocation).
  • Final cross-testing testing package for new comparability plans.

Fiduciary Consulting

Complex laws, regulatory audits and limited fee transparency make it extraordinarily difficult for retirement plan sponsors, trustees and committee members to meet their fiduciary obligations to their retirement plans and their& participants. Modern Wealth Business is a fiduciary consulting firm helping companies meet their ERISA fiduciary responsibilities.

Our Goal is to provide the leadership, guidance and recommendation that provides structure for plan operational success.

Our Focus is ensuring

  • Your plan is compliant with both The Employee Retirement Income Security Act of 1974 (ERISA) and Department of Labor (DOL) regulations and standards
  • Your company fiduciaries are protected from personal liability
  • You pay only fair market value fees and commissions for services provided
  • You maximize the value of company and employee plan contributions for increased long-term savings potential.

Our Process is very hands on. First, we learn about your plan needs and objectives. Next we conduct a thorough investigation of your current retirement plan program and develop a profile of concerns and problem solving solutions. Then, we help with the implementation of a new plan strategy and provide long term support.

Our Services are comprehensive and focus on creating and maintaining an appropriate and well maintained retirement plan. Retirement plan optimization includes:

  • Retirement Plan Committee Formation and Leadership
  • Fiduciary Education and Training
  • Fiduciary Risk Review and Mitigation Consulting
  • Service and Fee Benchmarking, Analysis and Negotiation
  • Service Provider Search and Recommendation (RFP Management)
  • Plan Document Review and Design Consulting
  • Process Documentation and Records Retention
  • Participant Communication and Education​

Contact Us

Want to learn more about our Third Party Administration and Fiduciary Consulting services? Schedule a conversation with our team.

See Our Schedule

Third-Party Administrator services provided by Modern Wealth Business, LLC. Investment advisory services offered only through duly registered individuals on behalf of Modern Wealth Management, LLC.