Page 42 - American Vision Partners
P. 42
Retirement
XYZ Corporation – Acquisition Review Report
XYZ Corporation – Acquisition Review Report
Plan Design Comparison
XYZ Target
Eligibility Requirement 30 days 6 months Summary
Auto Enroll 6% 6% Certain information has been requested and has not been received to date. It is
recommended that requested information be collected and reviewed prior to the close of the
Excluded Employees • Union employees • Union Employees
• Leased Employees
• Pre-Tax • Pre-Tax transaction.
Employee Contributions to the Plan • Roth • Roth Information pending includes:
• Catch-Up
• Catch-Up
• List of all plans sponsored
• Rollovers • Rollovers
Safe Harbor No No • Plan Documents
Match (non-safe harbor) 50% up to 6% 75% up to 6% o Adoption Agreement
Vesting Schedule 5 Year Graded 5 Year Graded o Any Amendments
In-Service Distribution Options • 59 ½ • 59 ½ o Summary Plan Description
• Hardship distribution
• Hardship distribution
Loans Yes Yes • IRS Opinion Letter
1 available
1 available
• Confirmation of IRS/DOL investigation or inquiry for the last 5 years
Contribution Details • Confirmation of operational issues or corrections in last two years or pending
Employee Contributions
2020 $18,000,000 $2,500,000 • Current assets by investment
2019 $15,250,000 $1,000,000 • Investment Policy Statement
2018 $12,000,000 $750,000
Employer Match • Most recently completed compliance testing (including applicable tests relating to IRS
2020 $4,000,000 $750,000 Sections 402(g), 410(b), 415, 416 and 401(k) and (m). If any tests failed, please describe
2019 $2,500,000 $500,000
2018 $1,000,000 $400,000 corrective action taken and timing.
• Most recent Form 5500 / Audit
2019 Compliance Testing Results - Target • Confirmation that all required contributions have been funded
416 Top Heavy Determination Plan is not top heavy • Service Provider Agreements and most recent 408(b) (2) Fee Disclosure
410(b) Coverage Test Pass • Most recent participant notices delivered (404a5 fee disclosures, Auto Enroll, QDIA,
402(g) Deferral Limits Test Pass SAR)
ADP Test Fail
HCE ADP: 8.54%; NHCE 5.00%
Refunds to HCEs: $6,195
2
3
American Vision Partners — Lockton: A collaborative Healthcare Practice review 42 Lockton Companies
XYZ Corporation – Acquisition Review Report
XYZ Corporation – Acquisition Review Report
Plan Design Comparison
XYZ Target
Eligibility Requirement 30 days 6 months Summary
Auto Enroll 6% 6% Certain information has been requested and has not been received to date. It is
recommended that requested information be collected and reviewed prior to the close of the
Excluded Employees • Union employees • Union Employees
• Leased Employees
• Pre-Tax • Pre-Tax transaction.
Employee Contributions to the Plan • Roth • Roth Information pending includes:
• Catch-Up
• Catch-Up
• List of all plans sponsored
• Rollovers • Rollovers
Safe Harbor No No • Plan Documents
Match (non-safe harbor) 50% up to 6% 75% up to 6% o Adoption Agreement
Vesting Schedule 5 Year Graded 5 Year Graded o Any Amendments
In-Service Distribution Options • 59 ½ • 59 ½ o Summary Plan Description
• Hardship distribution
• Hardship distribution
Loans Yes Yes • IRS Opinion Letter
1 available
1 available
• Confirmation of IRS/DOL investigation or inquiry for the last 5 years
Contribution Details • Confirmation of operational issues or corrections in last two years or pending
Employee Contributions
2020 $18,000,000 $2,500,000 • Current assets by investment
2019 $15,250,000 $1,000,000 • Investment Policy Statement
2018 $12,000,000 $750,000
Employer Match • Most recently completed compliance testing (including applicable tests relating to IRS
2020 $4,000,000 $750,000 Sections 402(g), 410(b), 415, 416 and 401(k) and (m). If any tests failed, please describe
2019 $2,500,000 $500,000
2018 $1,000,000 $400,000 corrective action taken and timing.
• Most recent Form 5500 / Audit
2019 Compliance Testing Results - Target • Confirmation that all required contributions have been funded
416 Top Heavy Determination Plan is not top heavy • Service Provider Agreements and most recent 408(b) (2) Fee Disclosure
410(b) Coverage Test Pass • Most recent participant notices delivered (404a5 fee disclosures, Auto Enroll, QDIA,
402(g) Deferral Limits Test Pass SAR)
ADP Test Fail
HCE ADP: 8.54%; NHCE 5.00%
Refunds to HCEs: $6,195
2
3
American Vision Partners — Lockton: A collaborative Healthcare Practice review 42 Lockton Companies
