retirement planners & administrator​

Compliance and Administration

For each of the various types of plans we design and administer, there are many ongoing requirements to maintain the legality of the plan documents, various compliance tests to be performed annually, Form 5500 returns to be prepared and other tasks that the IRS and DOL require.  Our dedicated consultants and actuaries are responsible for those services to our clients’ retirement plans.

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Compliance and Administration with ERA

Managing the complexities of 401k compliance and administration doesn’t have to be overwhelming. ERA Admin specializes in tailored solutions designed to ensure your retirement plan remains compliant with regulatory requirements while running efficiently. From 401k compliance testing to participant education, our expert team simplifies the management process, supporting your company every step of the way.

retirement planners & administrator​

Frequently Asked Questions

What is a retirement plan administrator?

A retirement plan administrator is a professional or organization responsible for overseeing the day-to-day operations of retirement plans such as 401ks. Their duties include ensuring compliance with federal regulations, processing contributions and distributions, maintaining accurate records, and supporting employers with administrative responsibilities. ERA Admin serves as a trusted third-party administrator (TPA), helping businesses manage their plans efficiently while ensuring all legal requirements are met.

What are the key compliance requirements for 401k plans?

401k plans must comply with regulations set by the Department of Labor (DOL) and the Internal Revenue Service (IRS). Examples include: 

  • Nondiscrimination Testing: Ensures fair benefits across all employees. 
  • Contribution Limits: Abiding by annual limits on employee and employer contributions. 
  • Accurate Reporting: Completing required forms, such as Form 5500, for compliance transparency. 
  • Data Documentation: Maintaining detailed records of financial transactions and participant changes. 

ERA Admin assists employers with staying compliant, guiding them through each requirement for effective retirement plan management. 

What is the difference between a 401k plan sponsor and a plan administrator?

A 401k plan sponsor is typically the employer or business owner providing the retirement savings plan to their employees. Sponsors are responsible for establishing the plan, making investment decisions, and occasionally contributing funds. 

On the other hand, a 401k plan administrator manages the operational aspects of the plan, ensuring that it adheres to legal guidelines. Administrators handle compliance testing, filings, and recordkeeping. ERA Admin steps in as a third-party administrator to bridge the gap, helping sponsors meet their compliance and administrative responsibilities seamlessly. 

How does ERA Admin simplify 401k administration?

ERA Admin simplifies retirement plan management through a combination of expertise and technology. Our services include conducting annual compliance testing, providing detailed reporting, assisting with IRS and DOL filings, and offering participant education resources. By partnering with us, sponsors can focus on their core business while we handle the complexities of retirement plan administration. 

Why is nondiscrimination testing essential for 401k plans?

401k nondiscrimination testing ensures that retirement benefits are distributed equitably among employees, regardless of their roles or income levels. These tests prevent plans from disproportionately favoring highly compensated employees. Failing these tests can result in penalties or plan disqualification. ERA Admin conducts annual testing to help businesses maintain regulatory compliance and avoid costly breaches.