DF Pensions, Inc. provides back office actuarial support for traditional defined benefit plans and cash balance plans. If you are a Third Party Administrator that does not have an actuary on staff, but has clients that need these types of plans, we can help you.
Since we are providing back office support to your firm, we generally do not have any direct contact with your clients. You are responsible for general client contact, data collection, consulting, and deadline tracking. At your request, we will join in on a conference call with you and your client. This can be during the sales process or after plan installation.
Our service agreement is with your firm, so we prepare our work when you provide us the information necessary information and request the work be done. We have a client portal that you will have access to that will show you all plans that we work on together that we have not received information for. That way, it is easy for you to see what actuarial work is still outstanding.
Since you have the service agreement with your client, you are responsible for all client contact, data collection and deadline tracking. We provide you with the actuarial schedules to the Form 5500, as well as the PBGC Premium Filings and Annual Funding Notice, if applicable, but you would be responsible for the non-actuarial schedules of the 5500, as well as the filing of the 5500 and following up with your client to ensure that PBGC premiums have been paid.
Generally, we try to be helpful with reminders if we see that a deadline is approaching and we have not received the information needed deliver the certification or filing. We are not responsible for any late penalties or interest for missed deadlines if we have not received the information needed in a timely manner to prepare the necessary work.
The annual administration cycle is very similar to the defined contribution cycle that you are used to, with a couple exceptions, and would look like this for a calendar year plan:
We will provide you with a service agreement that outlines all the fees associated with our services, and we have designed our fees to be a fraction of what we would charge a full service client, which gives you the ability to quote your client a total fee that will cover our services and yours. We invoice for work as it is delivered, and each month we will provide you with a statement showing all charges that have accumulated during the month. Fees are due by the end of the following month. Please keep in mind that since we bill when we deliver work to you, we may be billing you at different times than you may be billing your client.