Citizens Bank & Trust
403(b) Audit Preparation and Administration
February 13, 2006
Citizens Bank & Trust works closely with all plans to insure complete plan compliance. This includes as part of the standard plan setup for all existing plans, complete plan audit and compliance, verification. Members of the trust team will review all documents, agreements, and contracts to insure proper language and plan requirements. The trust team will review operational procedures and incorporate a standard "Policy and Procedure" manual for staff and employer use. The trust team will meet with the processing personal to insure complete understanding of the program process and data collection requirements. Limitation testing will be performed to detect any past excess contribution issues, and employee education programs will be conducted to insure that all participates understand the program and its benefits.
In addition to the daily administration requirements that are performed, the local plan will also have annual requirements. Each year a Form 5500 will be prepared for IRS submissions, as well as individual reporting of distribution payments to the participants using the Form 1099-R. Other ERISA and trust requirements as well as all testing of compliance will be provided as part of standard operation.
For further information, you may contact
Mark Leech, QPA Citizens Banks & Trust, 105 N. Main PO Box 800 Maryville, MO 64468 (800) 399-3023 CBT403b@cbcfamily.com
