Magii Pension Services LLC
Financial Services - hauppauge, NY, New York, United States
Magii Pension Services LLC Employees
Magii Pension Services LLC Details
What is a TPA?A Third Party Administrator (or TPA) is an organization that is hired by the 401k plan sponsor (your employer usually) to run many day-to-day aspects of your retirement plans. These include, but are not limited to, amending and restating plan documents; preparing employer and employee benefit statements; assisting in processing all types of distributions from the plan; preparing loan paperwork for plan participant; testing the plan each year to gauge its compliance with all IRS non-discrimination requirements as well as plan and participant contribution limits; allocation of employer contributions and forfeitures; calculating participant vested percentages; and, preparing annual returns and reports required by IRS, DOL or other government agencies.There are many firms across the country and locally that do this. Some just do it better than othersWhy does it matter?TPA's are the most important piece in the Retirement Plan puzzle because they ensure that your plan remains compliant and retains its qualified status with the IRS. According to the Department of Labor, 67.2% of plans in 2015 were found to have errors and violations. In order to avoid the attention of the DOL and IRS, you need a GREAT TPA, who not only completes the necessary testing and filing, but who also looks for ways to improve your plan and ease your burdens.How can magii pension help?Here at magii pension, we believe that the most important reasons that plan sponsors offer a retirement plan is to help recruit, reward and retain high quality employees and that we can help you achieve that. From the start, we take plan design very seriously. Who are you as an organization, what are your goal and why. Day two and beyond, we focus on not just ensuring that your plan stays compliant, but we can help remove many of the day to day burdens of a plan sponsor with our Fiduciary assisted Service team (FaSt).
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