Services Performed by LRS & Utilizing Other Service Providers (Video)

Services Performed by LRS:

  • Help you determine employee eligibility or validate ineligible employees.
  • Provide enrollment kits to help enroll employees into the retirement plan.
  • Help document your records when employees decline to enroll in the retirement plan.
  • Consolidate old retirement accounts such as IRAs, 401(k), 403(b), 457, Pension Plan, or Defined Benefit plan.
  • LRS will help you start making contributions to the plan.
  • Set up more traditional investment options such as mutual funds once employees become eligible to participate in the plan.
    1. Department of Labor regulations require diversification of options for employee participation in your organization’s retirement plan.
  • Provide automated billing of administration costs; making it easier to pay for the services we provide for you. For more information about billing please reference: LRS Billing Policy
  • We prepare and help you file Form 5500 with the Department of Labor.
  • We will prepare and file Form 5558 requesting an extension of time to file Form 5500 with the Department of Labor if necessary.
  • We will work with your bookkeeper, CPA, or any other service providers may have to ensure your plan remains in compliance with the Department of Labor and Internal Revenue Service.
  • Help you secure the required ERISA bond for your plan. More information can be found here: Obtain Your Plan's Required ERISA (a.k.a. Fidelity) Bond 
  • Assist you in finding strategies to take advantage of tax sheltering with your retirement plan. For more information on this topic please visit: Tax Strategy for the ROBS Plans

Service Providers to You and Your Business

  • There are certain things to be aware of when utilizing other service providers for your organization.
  • There are several unique regulations related the strategy you have engaged in that affect your corporation.
  • You may hire CPAs, Bookkeepers, Attorneys, Investment Advisors, Human Resources and Payroll companies. However, we do not expect these service providers to know the regulations specific to your business financing and retirement plan strategy.
    1. We highly encourage you to organize a brief meeting between LRS and any service provider you secure to ensure you remain in compliance with all regulations.
  • If you utilize a payroll company, please do not allow them to set up a second retirement plan for you or your company, this will likely result in a prohibited transaction. Please consult LRS before setting up any other retirement plans. 
  • Other important compliance related information can be found here: FAQs for the ROBS (Rollovers as a Business Start-Up)

Our client services professionals are always happy to help answer any questions you may have. Call, Email, Live Chat, or meet with a Leading Retirement Solutions team member via Video – whichever method you prefer we can make happen. We strive to be accessible to our clients when you need us.

For questions about your 401(k) Plan contact our Client Services Team:  

For billing questions please contact our Accounting Team: