Retirement Plan Administration in Minneapolis

Comprehensive Retirement Plan Administration

Boulay’s retirement plan administration services are ongoing and flexible to fit your needs. After implementing your program, our retirement plan administration team continues to monitor and analyze your plan, offering recommendations to keep it up-to-date, competitive, cost-effective, and fully compliant with DOL and IRS regulations.

Our retirement plan administration services are designed for companies with 25+ employees across all industries. We help you establish and manage your company’s ESOP and 401(k) third-party administration (TPA) needs. Though we serve clients nationwide, our downtown Minneapolis office is conveniently located between Target Field and U.S. Bank Stadium, off South 5th Street.

Office Hours
Monday 8 – 4:30 PM
Tuesday 8 – 4:30 PM
Wednesday 8 – 4:30 PM
Thursday 8 – 4:30 PM
Friday 8 – 4:30 PM

ESOP Administration

With hundreds of ESOP (employee stock ownership plan) clients and over 60 years of experience working with ESOPs, Boulay is uniquely positioned to bring you the right ESOP advice and ESOP administration services. Boulay’s ESOP Administration Team offers the expertise, resources and reporting needed to help you manage risk, stay updated on legal changes and ensure your ESOP meets DOL and IRS regulations.

Our experienced ESOP administration professionals offer continuous monitoring and ongoing compliance with:

Year-end accounting and allocation of income and contributions
Preparation of a summary annual report for the participants
Preparation of Form 5500 and related schedules for filing with the DOL
Annual preparation of individual participant statements
Top heavy testing, Sec. 415 limit testing, Sec. 404 tax deduction testing and Sec. 410(b) coverage testing
Analysis of Sec. 1042 allocation limitations
Record keeping for termination, and commencement of benefits
Review of fidelity bond coverage
Preparation of Form 1099-R regard to distributions to participants (if needed)
Preparation and mailing of annual distribution forms (if needed)

ESOP 401(k) TPA Services

Once your ESOP is implemented, our Retirement Plan Administration Team provides the compliance expertise and 401(k) TPA experience that are essential for the long-term success of your plan. Through our 401(k) TPA services for ESOP companies, we strive to be your go-to resource and ensure you feel confident that the DOL and IRS compliance and administration of your retirement plan are not overlooked.

The 401(k) TPA services we provide for ESOP companies’ qualified plans include:

Administration of 401(k), profit sharing, solo, and cash balance plans
Annual projections and illustrations for employer contributions and preliminary testing
Annual non-discrimination testing
Assistance with participant distributions and loans
Preparation of Form 5500 and related schedules
Assistance with required notices and disclosures
Support for IRS, DOL, and large plan filer audits
Interdepartmental support from a team of tax, audit, and estate and trust CPA’s
Education on recent law changes and proposed legislation

streamlined retirement plan administration solutions

Boulay’s dedicated professionals help you save time, effort and money by managing your retirement plan, maintaining regulatory compliance, and streamlining complex issues. Our retirement plan administration services are customizable to fit your needs and can be seamlessly integrated with 401(k) investment advisory and ESOP advisory services, including ESOP distribution processing. With a direct point of contact at Boulay, you’ll receive personalized advice from a knowledgeable retirement plan administration team member who understands the importance of timely responses. Contact us to learn more about our retirement plan administration services for ESOPs.