Custom Services for Most Needs
In addition to the standard 401(k) services, ShareBuilder 401k’s bundled offering with a leading recordkeeper also offers custom services for most every need. While the ongoing expenses paid from investments are the biggest costs to manage, it’s important to have transparency into the custom services and pricing so you are fully aware in case the need arises. Below is a comprehensive list of added services—which are usually one-time transaction items—you or your employees can use.
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Custom Services Pricing
| Plan Sponsor Costs | |
|---|---|
| Automated clearing house notice of change | $50 |
| Determination letter filing | $1,000 |
| DOL or IRS audits | $600 base, plus $100 Per hour over 6 hours |
| IRS/DOL Correction Program | $250 Per hour, plus $900 Government submission fee if required |
| Extraordinary service requests | $75 - $250 Per hour |
| Amended Form 5500 | $100 |
| Federal filing extension | $100 |
| Plan amendment | $100 - $400 unless otherwise noted |
| Product migrations | $100 |
| Plan terminations | $825 - $1,500 plus any applicable employee paid distribution fees |
| Plan transfers | $825 - $1,500 |
| Plan restatement required by IRS due to regulation changes | Fee will vary based upon requirements mandated by the IRS. The last restatement price was $400. |
| Distribution benefits for death, disability or retirement | $60 - $75 |
| Manual conversion of data (electronic conversion is not charged) | $10 Per participant; $500 minimum |
| 414(s) compensation ratio testing | $225 Per hour |
| Average benefits testing | $225 Per hour |
| Multiple business/plan testing | $225 Per hour, if outside plan data is included |
| Asset certification letter | $150 |
| Employer calculation (if performed by Recordkeeper) | $500 Per calculation |
| Plan design studies | $500 Per study |
| Plan merger | $600 |
| Investment conversion fee | $250 |
| Participant Costs | |
|---|---|
| Distributions/Withdrawals | $60 - $75 Per event |
| Loans | $75 initial + $75 Annually (PAi) $125 one time (Ascensus) |
| Required minimum distribution | $75 |
| Re-issue of a check | $25 |
| Stop payment of a check | $35 |
| Overnight mailing fee | $35 Per event |
| Qualified domestic relations order processing | $300 - $750 Per occurrence |
- Your exact fee will be determined by the Recordkeeper administering your plan and may vary by the service and or plan features.
We Can Help You Compare Plans
If you want some guidance in determining whether your plan makes the most financial sense for you and your employees, we can help by reviewing your costs and even forecasting the impact.