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Taft-Hartley Plan Administration

Benefit Fund Administration

  • Collect and deposit Employer contributions and reciprocal payments
  • Reconcile Employer deposits monthly
  • Report delinquent Employers monthly and calculate liquidated damages and interest on late payments
  • Post Employer and reciprocal contributions details by participant
  • Collect and transfer monies to Investment Managers
  • Reciprocate contributions based on "lesser of" or "money follows the man" agreements
  • Track Health & Welfare eligibility based on the Fund's eligibility parameters including:
  • Initial, continuing and reinstatement eligibility provisions
  • Self-contribution billing for active and retired participants based on their eligibility status/coverage levels
  • Tracking of hour/dollar banking
  • Tracking of loaned hours
  • Reconcile defined contribution plan employer contributions and coordinate with external participant record keeper/investment manager
  • Prepare annual plan year Pension Credit calculations based on Fund's pension parameters including:
  • Past Service, Future Service and Vesting Service requirements
  • Accrued Pension benefit calculation
  • Issuing Participant statements
  • Issue Pension check/ACH payments for retired participants
  • Disburse Savings Fund payments to participants
  • Transfer contributions to the Client's designated Credit Union
  • Compile data for the Fund's Actuary and Auditor
  • Work with the Fund's Actuary and Auditor to complete Plan Year End studies
  • Disburse payments for the Fund's expenses
  • Perform Fund's bank account reconciliations
  • Generate IRS Tax Forms
  • Prepare Plan's Form 5500(s)
  • Prepare, issue and E-File Form 1099-R for Pension, Annuity and Death Benefit Payments
  • Prepare, issue and E-File Form 1099-MISC for payments to Healthcare providers
  • Prepare and issue Form W2 for short term disability payments
  • Prepare From 941's and other payroll tax forms
  • Attend Board of Trustee meetings
  • Record and distribute Board of Trustee meeting minutes
  • Assist with acquisition of fidelity and fiduciary bonds
  • Prepare PBGC premium filings
  • Prepare monthly and/or quarterly financial reports on the accrual basis of accounting
  • Assist with COBRA/HIPAA compliance
  • Distribute SPDs, SMMs and other Plan notices to Plan Participants and Employers