Administration Guide

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ESOP Administration with Peninsula

Understanding how Peninsula manages your ESOP.

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Annual Administration Cycle

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Q1: Year-End Processing

January-March Key activities:

• Process year-end census
• Calculate contributions and allocations
• Perform compliance testing
• Update account balances
• Generate trustee reports

Deliverables:

• Final account balances
• Compliance test results
• Trustee certification
• Allocation reports

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Q2: Reporting & Filing

April-June Key activities:

• Prepare participant statements
• Draft Form 5500
• Coordinate audit (if applicable)
• File regulatory reports
• Distribute participant communications

Deliverables:

• Annual participant statements
• Form 5500 filing
• Summary annual report
• Required notices

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Q3: Mid-Year Review

July-September Key activities:

• Update interim census
• Review plan performance
• Assess contribution strategy
• Plan for upcoming changes
• Evaluate plan design

Deliverables:

• Mid-year status report
• Contribution projections
• Planning recommendations

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Q4: Planning & Preparation

October-December Key activities:

• Finalize contribution amounts
• Project year-end results
• Prepare for valuation
• Update census data
• Plan for next year

Deliverables:

• Year-end projections
• Contribution recommendations
• Valuation preparation
• Next year planning

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Compliance Management

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Regular Testing

Ongoing monitoring:

• Coverage testing
• Nondiscrimination testing (401(a)(4))
• Top-heavy testing
• 415 limit compliance
• Distribution compliance

Automated alerts:

• Potential compliance issues
• Required actions
• Deadline reminders
• Regulatory changes

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Regulatory Updates

Stay current:

• Monitor DOL guidance
• Track IRS changes
• Update plan operations
• Communicate impacts
• Implement required changes

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Participant Services

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Annual Statements

Comprehensive information:

• Account balance
• Year’s activity
• Vesting schedule
• Distribution options
• Contact information

Delivery:

• Mailed statements
• Online portal access
• Mobile-friendly
• On-demand access

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Distribution Processing

Professional handling:

• Eligibility verification
• Tax withholding calculation
• Payment processing
• Beneficiary coordination
• Required documentation

Timeline:

• Request received
• Documentation review: 5 business days
• Payment processing: 10 business days
• Total: ~3 weeks

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Participant Support

Responsive service:

• Email support
• Phone support
• Online resources
• FAQ library
• Educational materials

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Technology Platform

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Online Portal

For plan sponsors:

• View reports and statements
• Access plan documents
• Upload census data
• Message your administrator
• Download files

For participants:

• View account balance
• Access statements
• Update beneficiaries
• Request distributions
• Educational resources

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Data Security

Enterprise-grade protection:

• Bank-level encryption
• Secure data transmission
• Regular backups
• Access controls
• Audit trails

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Integration

Connect your systems:

• Payroll integration
• Accounting systems
• Document management
• Single sign-on
• API access

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Communication

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Regular Updates

Stay informed:

• Quarterly newsletters
• Annual planning meetings
• Ad hoc updates as needed
• Regulatory alerts
• Best practice tips

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Dedicated Support

Your administration team:

• Primary administrator
• Support team access
• Management oversight
• Specialist resources

Response times:

• Urgent: Same day
• Standard: 1 business day
• Routine: 2-3 business days

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Quality Assurance

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Review Process

Multiple checkpoints:

• Automated validation
• TPA professional review
• Secondary review
• Client approval
• Final quality check

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Accuracy

We ensure:

• Data accuracy
• Calculation correctness
• Regulatory compliance
• Timely delivery
• Clear communication

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Get Help

Contact Your Administrator

Reach out with questions anytime