Prospective Plan Sponsors

Since 1984 BMI has been assisting employers with the design, implementation and ongoing administration of their retirement plan.  BMI provides a comprehensive array of services combined with a diverse line up of strategic alliances with financial institutions thus achieving greater flexibility for the plan sponsor and plan participants.


Plan Design, Implementation and ongoing Document Support

  • Design a plan tailored to meet the retirement goals of the Employer and the plan participants
  • Preparation of Adoption Agreement, Summary Plan Description and related documents
  • If applicable, submission to IRS for request of determination letter
  • Provide model amendments as required
  • Provide discretionary amendments
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Recordkeeping and Administration

  • Provide census for Trustee update
  • Verify participant eligibility
  • Calculate and allocate Employer contributions
  • Allocate forfeitures
  • Reconcile participant accounts to statement of assets
  • Assist with correction of deposit/allocation errors
  • Calculate vesting
  • Prepare Valuation Report
  • Prepare participant statements
  • Provide assistance with hardship withdrawals and participant loans
  • Monitor and coordinate required minimum distributions
  • Provide qualified plan distribution notice
  • Notify Trustee of fidelity bond requirements
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Annual Compliance Testing

  • ADP/ACP (deferral/match) nondiscrimination testing
  • Monitor IRC §404 contribution deductibility
  • Prepare IRC §410(b) coverage testing
  • Prepare IRC §415 annual additions testing
  • Prepare IRC §416 top-heavy testing
  • Prepare IRC §401(a)(4) general nondiscrimination testing
  • Provide direct assistance with IRS and Department of Labor plan audits
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Government Reporting

  • Prepare signature ready IRS Form 5500 (Annual Return/Report of Employee Benefit Plan) and all required schedules
  • Prepare Summary Annual Report
  • Prepare IRS Form 5330 (Return of Excise Taxes Related to Employee Benefit Plans)
  • Prepare IRS Form 1099s (Distributions from Pensions, Annuities, Retirement or Profit-Sharing Plans) for plan distributions, if required
  • Prepare IRS Form 1096 (Annual Summary and Transmittal of U.S. Information Returns) for plan distributions, if required
  • Prepare IRS Form 945 (Annual Return of Withheld Federal Income Tax) for plan distributions, if required
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 Takeover of Existing Plans

  • Review existing Plan Document and consult on possible changes
  • Assist with the transfer of assets and provide necessary transfer notices
  • Detailed review and implementation of prior provider’s records
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