Pension

With experience in the administration of both Defined Benefit and Defined Contribution Pension Plans, Phoenix Benefit Administrators has the knowledge and experience needed to administer your carefully thought out, well-researched plans that are designed to be beneficial to members.

The proper administration of a Retirement Plan entails not only the generation of accurate calculations, records, and reports, but also the commitment to communicate effectively with the client, the client’s advisors, and the plan participants via telephone, mail, internet or personal visitation. Phoenix Benefit Administrators acts as a liaison with and between Trustees, participants, employers, service providers and others

Pension Plan administrative services provided by Phoenix Benefit Administrators, LLC include:

  • Apply provisions of the Plan in responding to Participant inquiries and applications for benefit payment
  • Assist Participant with benefit application procedure:
    • Communicate with Participant in writing, by Internet, by telephone or personal visitation to the Benefits Office
    • Complete benefit claim application procedure
    • Calculate retirement benefit amount
    • Provide relevant information to Plan Sponsor before payment of benefit
    • Work directly with Client’s legal counsel and actuary in determining payment under QDROs
    • Pay retirement benefit by paper check or direct deposit, 
    • Withhold and deposit Federal Withholding Taxes (prepare and mail Tax filings)
  • Maintain individual history for each Active, Terminated Vested and Retired Plan Participant
  • Provide necessary research to verify Participant entitlement to retirement benefit for vesting and benefit credit
    • Communicate with Plan Sponsor
    • Obtain Social Security records
    • Communicate with Client’s legal counsel and/or consultant(s) to the Plan
  • Provide claimant with right of claim denial appeal and present appeal to Board of Trustees
  • Prepare and mail year end Tax Forms 1099R to benefit recipients and filings with the IRS
  • Prepare actuarial census data for the actuary
  • Prepare census files for periodic death audits
  • Preparation of PBGC filings and premium payments
  • Preparation of management reports
  • Age 70/72 Reporting
  • Suspension of Benefits
  • SSA Reporting
  • Prepare and mail benefit statements

Administrative Manager Services

  •  Meeting and Event Planning
  •  Agenda Preparation
  •  Minutes Preparation
  •  Reporting and disclosure compliance
  •  Coordination with plan professionals