Managing a successful 401(k) plan requires administration, compliance, recordkeeping, expense control, and communicating with plan members. The Milliman Co-op 401(k) Plan gives administrators the power of a client-centric technology model that streamlines data management, participant services, plan administration, and multi-plan reporting into one dynamic infrastructure resulting in high-quality, accurate recordkeeping services.
Milliman's Co-op 401(k) Plan delivers top-notch recordkeeping services for daily activities, including:
- Updating participant accounts with investment results and other trust activity
- Reconciling participant accounts with trust accounts
- Processing investment fund transfers and other activity
- Providing access to benefit service representatives who can assist with plan sponsor inquiries
- Processing participant-initiated activities, including rollovers, age 70½ distributions, loan payoffs, investment transfers, direct transfers, payouts to terminated participants, in-service withdrawals, loan initiations, deferral rate changes, and qualified domestic relations orders (QDROs)
Each month, the Co-op 401(k) Plan team publishes the award-winning Update newsletter, which provides employee benefit news for the cooperative industry and features information on investing and retirement planning.
The following monthly services are also performed for cooperative sponsors:
- Updating employee census information from data provided by plan sponsor
- Posting transaction records for contributions and participant loan payments
- Monitoring maximum contribution limits
Every quarter, an investment advisor reviews the performance of the funds and reports this information to the Co-op 401(k) Plan Fiduciary Board. The online system also generates an employer-level management report that illustrates all plan transactions and generates clear, concise participant statements.
On an annual basis, the Plan provides an Executive Summary with information concerning the operation of the plan, employee participation levels, asset allocation trends and more, and makes applicable recommendations for improvements. Plan services also include:
- Any required nondiscrimination testing for the plan
- Signature-ready Form 5500 series filing forms
- Trustee-prepared 1099-R forms for reporting distributions