Hicks Pension Services will work with just about any investment company that will handle your plan’s investments. If you would like a referral, feel free to call us.

There are two main services needed for a retirement plan to function properly. The first service is administration and ongoing consulting. The second service is investment of the plan assets. We recommend those services are kept separate so your investment company can concentrate on investing your pension plan assets and we can concentrate on keeping your plan in compliance with IRS and DOL regulations. It also gives us the opportunity to provide consulting to our clients without conflict of interest.

No. All qualified pension plans must be sponsored by either a sole proprietorship (individual operating a business and filing a Schedule C), corporation, partnership, or LLP/LLC. You may want to explore your options through a traditional IRA or Roth IRA.

Contact your former employer and make sure they sent us a Notice of Termination form for you. If not, request that they do so immediately. If so, you should be receiving notification from us regarding when your benefit is payable. As soon as it is payable, we will send you benefit election forms. If it has been several months since you left employment, your former employer verifies they sent us a Notice of Termination and you have still not heard from us, please contact us at the number below.

Since every plan has their own set of eligibility requirements, please contact your Administrator for this information. Remember, upon reaching their entry date into the plan, each employee must be provided with a Summary Plan Description and an enrollment form.

If we prepared your plan document, we would have provided you with a master copy of the Summary Plan Description. If you have misplaced your copy, please contact your Administrator.

Small Plans (those with less than 100 participants) are given a safe harbor of seven working days to deposit 401(k) deferrals and loan payments.  Large plans are not given a safe harbor, but must deposit 401(k) deferrals and loan payments “as soon as administratively possible”.  There is no clear definition of “as soon as administratively possible”, but in no event may that exceed the 15th working day of the month following the month the amounts are withheld.