Envoy Plan Services

If the Elite Choice 457(b) Plan is the sponsor's sole 457(b) provider, and at the sponsor's option, Envoy will provide the following administration and compliance services for the sponsor's 403(b) program and for the Elite Choice 457(b) Plan at no additional expense:

• Become the primary contact for all employees, financial representatives, and investment providers, thereby relieving the Employer's payroll staff from having to use time and resources dedicated to retirement plan related issues; thus, staff may direct their valuable time to other important issues
• Establish and provide comprehensive administration and compliance procedures
• Provide complete administration and compliance services for new California Ed Code section 25100 403bCompare.com registry administered by CalSTRS
• Establish and maintain compliant forms, documents, and procedures as federal and state regulatory changes occur
• Receive and process all 403(b) and 457(b) Salary Reduction Agreements ("SRA") from all employees and their financial representatives
  • Review for accuracy and completeness
  • Follow-up with employees and reps for needed information
  • Ensure SRA is compliant with 403bCompare requirements
• Establish maximum allowable contribution (MAC) limits for all plans, including all catch-up options - thus relieving the employer from this responsibility
• Coordinate with the sponsor's payroll staff the monitoring of employee contributions with respect to MAC limits and notify employees/participants when nearing their MAC limit, thus preventing excess contributions
• Provide ongoing technical support for Employer's staff and plan participants
• Provide sample template communications to the Employer for use with employees and participants, when needed, due to legislative or procedural changes
• Monitor legislative and compliance environment on a continual basis
• Consult and advise employer and participants when systems and/or procedural changes must occur to meet regulatory changes
• Assist employer in the event of an IRS audit of the employer's plans
• Create a customized section of Envoy's web site dedicated to the Employer. Includes customized forms and procedures, customized and standardized employee education, list of all providers, Internet links to 403bCompare.com and IRS web site and publications