Client Services

An employer becomes our client at the point they engage our firm to provide retirement plan services.  Since our inception, Canterbury Benefit Solutions (CBS) has been successfully designing, implementing and servicing retirement plans for our valued clients.  At CBS, client satisfaction via outstanding service is our number one goal.  Please contact your plan administrator with any questions or Steve Kyburz at (317) 816-5790 if you would like to implement a retirement plan with CBS.

Employer/Client Resources

Disclaimer: The forms found below are generic and may not apply to your plan. If you are a participant, please request the appropriate form directly from your employer/plan sponsor. If you are the employer/plan sponsor, please contact Canterbury Benefit Solutions, Inc. to provide you with the appropriate participant form.

ERISA/Fidelity Bond

ERISA mandates qualified plans be covered by a fidelity bond. The minimum bond amounts required must be for a least 10% of plan assets as of the beginning of the plan year plus the anticipated contribution for the plan year or $1,000, whichever is greater. The maximum bond required is generally $500,000.

Every administrator, officer, and employee of any plan who handles funds or other property of such plan must be bonded. The bond protect the plan against loss “by reason of acts of fraud or dishonesty” on the part of an administrator, officer, or employee.

Fiduciary Liability Insurance

Fiduciaries have important responsibilities and are subject to standards of conduct because they act on behalf of participants in a retirement plan and their beneficiaries. With the additional focus on fiduciaries and their responsibilities for ERISA plans, many employers are discussing fiduciary liability insurance.

ERISA section 410 allows a plan to purchase insurance for its fiduciaries or for itself covering losses occurring from fiduciary breach.

Learn More:   Why do I need Fiduciary Liability Insurance?

We have partnered with Colonial Surety Company, a leading provider of ERISA/Pension Fidelity Bonds. They are a national insurance company registered in all 50 states and all U.S. territories, providing insurance products since 1930. They are the largest direct seller of ERISA/Pension Fidelity Bonds in the U.S. Just click on one of their links below to get a quote or apply online for immediate online issuance of a fidelity bond.

  Get a quote Today!               Apply online:
        

Reminders
Salary Deferral
Deposit Deadline
The Department of Labor (DOL) has issued a rule establishing that employee contributions and loan repayments must be deposited no later than the 7th business day following the corresponding pay date. Plan Sponsors must immediately implement the above rule for making deposits to the Plan of 401(k) contributions and any loan payments if you have not already done so.
Failure to adhere to the above deadlines will require the plan sponsor to make an interest adjustment on the late deposits, pay an excise tax, and require additional reporting with the DOL.
Employer
Contribution Deadlines
Employer contributions to a plan must be deposited prior to the tax filing deadline of the business tax return including extensions. In addition to the above requirement, employer contributions to a defined benefit plan must be deposited no later than 9½ months following the close of the plan year regardless of extensions.
Fidelity Bond Federal law (ERISA) requires all plan fiduciaries be bonded (with the exception of owner-only employee plans). In general, the amount of the bond must be fixed at the beginning of each plan year for an amount not less than 10% of the value of plan assets. The amount of the bond may not be less than $1,000, even if 10% of the amount of plan assets would permit a smaller dollar amount, and need not be greater than $500,000.
Additional coverage is required for non-qualifying assets.
Participant Forms
Beneficiary Designation Form All new plan participants must complete a Designation of Beneficiary Form upon entry into the plan. Please retain the original copy of the Beneficiary Form for your records.
Salary Deferral
Election Form
Regarding 401(k) Plans, all new plan participants must be provided with a Salary Deferral Election form upon entry into the plan. Please retain the original copy for your records.
Participant Statement In general, providing a benefit statement is required at least once each quarter for individual account plans that permit participants to direct their investments; at least once each year, in the case of individual account plans that do not permit participants to direct their investments; and at least once every three years in the case of defined benefit plans or, in the alternative, defined benefit plans can satisfy this requirement if at least once each year the administrator provides notice of the availability of the pension benefit statement and the ways to obtain such statement. In addition, the plan administrator of a defined benefit plan must furnish a benefit statement to a participant or beneficiary upon written request, limited to one request during any 12-month period. In addition, the plan administrator of an individual account plan must furnish a benefit statement upon request to a beneficiary that does not receive statements automatically, limited to one request during any 12-month period.
Summary Annual Report Distributed to participants and pension plan beneficiaries receiving benefits within 9 months after end of plan year, or 2 months after due date for filing Form 5500 (with approved extension).
Summary Plan Description (SPD) Automatically to participants within 90 days of becoming covered by the plan and to pension plan beneficiaries within 90 days after first receiving benefits.
However, a plan has 120 days after becoming subject to ERISA to distribute the SPD. Updated SPD must be furnished every 5 years if changes made to SPD information or plan is amended. Otherwise must be furnished every 10 years.

 

Plan Event Deadline
Forms filed with DOL
Form 5500 and related schedules 7 Months after plan year end unless an extension is filed
Forms filed with IRS
Form 5558 Extension (if necessary) 7 Months after plan year-end
Form 945 Due February 10
Form 1096 Due February 28
Employer Contributions Due to Plan
Defined Contribution Plans (i.e., 401 (k) Plans) Same date as business tax return including extensions
Defined Benefit Plans including Cash Balance Earlier of business tax return date or 8 1/2 months following plan year-end
Employees/Participants
Safe Harbor Notice (existing 401 (k) Plans) At least 30 days prior to start of plan year
Safe Harbor Notice (newly adopted 401 (k) or profit sharing adding 401 (k) feature) On or before the Plan Effective Date
QDIA Notice At least 30 days before each plan year
Auto Enrollment Notice At least 30 days before each plan year
QACA Notice 30 to 90 days before the beginning of the plan year
EACA Notice 30 to 90 days before the beginning of the plan year
404(a)(5) Notice 30 to 90 days before any change in fees and annually thereafter
70 1/2 Required Minimum Distributions December 31 (Exceptions May Apply in first year)
Summary Annual Report (SAR) 2 Months after Form 5500 is due with extensions
Form 1099-R January 31
Failed ADP test -return of Excess Deferrals Without penalty -2 1/2 months after plan year-end

Department of Labor Website Resources

Find your plans past 5500/5500-SF filings directly on the DOL website:
www.efast.dol.gov/portal/app/disseminate?execution=e2s1

Frequently Asked Questions About Retirement Plans and ERISA
http://www.dol.gov/ebsa/FAQs/faq_compliance_pension.html

The following PDF’s can be found along with other useful information on the DOL website:
http://www.dol.gov/ebsa/compliance_assistance.html#section3

Plan Information

Plan Financial Audits

Plan Examinations

Form 5500/5500-SF Delinquent Filer Voluntary Compliance Program

Fiduciary Resources

Note:  the above material is taken directly from the Department of Labor Website to provide you with objective educational material.  Keep in mind that the material on the DOL’s website may be revised from time-to-time and we make every effort to keep the above material updated accordingly.  However, we suggest that you locate the material directly on the DOL website for final review.

Why Choose Us

  • Proven track record of client satisfaction
  • Successful alignment of plan designs with corporate objectives
  • Efficient and cost effective retirement plan services
  • State-of-the-art computer systems and applications
  • Incorporating the highest standards for quality and service

What Clients/Advisors Say

I have known Steve for over 20 years; both as an employee and a strategic resource.  He and his staff are a huge part of my marketing plan to my pension clients and CPA network that I have established.  His 24/7 and  -whatever it takes, but compliant attitude – is refreshing and important.
Keith B., Director of Advanced Markets - Irvine, CA
Thank you so much for being patient and providing wonderful/professional service.
Suzanne E., Business Owner - Rancho Cucamonga, CA
Our company has been a long-term Canterbury client (15+ years) and has had the pleasure of working with efficient, competent, enthusiastic, and knowledgeable professionals. We have trusted CBS to provide guidance and resources needed to manage our retirement needs and oversee our regulatory responsibilities. They consistently go above the call of duty to deliver exceptional and high quality service. I would not hesitate to recommend them to anyone.
Jeanette J., Director of Human Resources - Indianapolis IN
Canterbury Benefit Solutions has managed our 401k plan for the last few years. CBS has been very efficient, and they keep us informed of all new rules and regulations. Previously it was very time consuming to complete the employee census each year. In working with CBS, they have simplified it and do most of the work themselves. If I have any questions or need anything, I call/email and I receive a response very quickly. We have been very happy we made the decision to work with CBS!
Tammy O., Practice Manager, Orthodontics Practice - Indianapolis IN