We recognize that retirement plan sponsors also bear the responsibility for running a business, and that administration of a retirement plan is not a high personal priority. Never-the-less, poor plan administration can lead to costly errors and create both business and personal liability.

The OpenPlan™ retirement plan administration system is designed to provide the plan sponsor with a stress-free and time-efficient experience as a retirement plan sponsor. We deliver a complete plan administration program that is highly efficient, accurate and responsive.

Our best-in-class recordkeeping technology provides three seamless access methods for both plan administration and participant services:

• Secure internet portal
• Toll-free automated voice responsive system
• Toll-free personal customer service

We can minimize, or even eliminate, plan management fiduciary liability through our proprietary SponsorGuard™ plan sponsor fiduciary protection program. To learn more about this unique service, see our “Fiduciary Protection for Plan Sponsors: Plan Administration” report.

In conjunction with our plan administration partner, Alerus Retirement Solutions, OpenPlan™ delivers a full complement of retirement plan administration services, such as:

Consultant to plan sponsors:

• Plan design and funding methods
• Document creation and upkeep
• Document interpretation
• Investment Policy Statement (IPS)
• Education Policy Statement (EPS)
• Annual plan benchmark report
• Annual SAFE plan audit

Gatekeeper for participant activity:

• Enrollment onboarding
• Delivery fulfillment for required notices and disclosures
• Processing and approval of participant transactions, such as:

• Plan loans
• Hardship withdrawals
• Distribution withdrawals
• Qualified Domestic Relations Order (QDRO)
• Required Minimum Distribution (RMD)

Third Party Administrator for annual plan compliance obligations

• Verify compliance data
• Year-end compliance testing
• Ad-hoc testing (as needed)
• Process corrective refunds (as needed)
• Preparation of Form 5500 and related documents
• Filing of Form 5500 and related documents