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The INTAC Insider 
April / May 2013 |
The economic environment of the last few years created financial challenges for individuals and businesses alike. Even though the worst of the recession appears to be behind us now, some of those financial challenges have had a ripple effect that continues to show itself. One area where that is especially true relates to the loans participants took from their 401(k) plans. Economic pressures certainly brought about an increase in loans, but it also caused some participants with loans to have trouble repaying them. So what can be done When Good Loans Go Bad? Follow the newsletter link to learn how to turn things around and make good on a potentially bad situation.
INTAC 's Loan Specialists and Pension Consultants are always on hand to work with you to maintain the proper administration of participant loans and also to ensure that a plan design contains the appropriate provisions to help minimize the prospect of default.
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Take us with you for the ride!
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INTAC's Special News, Highlights & Hot Topics
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| INTAC News & Highlights
Forcing Distributions - Avoiding the Chase of Missing Participants and Lingering Balances
INTAC continually researches "best practices" to pass along to its plan sponsors in order to help their retirement plans run smoothly and efficiently. One thorn that has poked the side of nearly every employer is the displeasure and inconvenience of tracking down a missing participant in order to pay a distribution. "Being unable to locate terminated participants and distribute funds is one of the largest pain points that INTAC's clients and potential clients encounter," explains Charles Rosenberg, Vice President of INTAC. With missing participants being such a common problem in defined contribution plans, checking out this edition of INTAC's News & Highlights will help minimize the headache by providing steps to take before the participant becomes missing and what to do if you get caught up in the chase.
Click the green link to read on: Forcing Distributions - Avoiding the Chase of Missing Participants and Lingering Balances
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Sending Required Participant Annual Notices
Just the Facts
Employers who sponsor defined contribution plans are obligated to distribute any number of plan notifications to participants throughout the year. If a plan sponsor fails to issue a required notice or does not do so by its respective deadline, he may have to deal with both legal and  financial consequences to his business and/or the plan. To help make this process as smooth as possible, we have laid out the most common notices in the fact sheet to the right, along with content details and deadline information.INTAC's knowledgeable consultants are always on-hand to answer any questions or concerns you have about distributing required participant notifications and assist you in meeting these deadlines in a timely manner.
Follow the link below to take a look at the Fact Sheet which is located on our website's recently added Just the Facts page!
Also, visit INTAC's website for this and more industry-related Hot Topics and Fact Sheets!
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How Do Payroll Integration Firms Compare?
Just the Facts
How can plan sponsors get the most out of their retirement plans while having the peace of mind that the plan is receiving the best possible service and attention? There's been a recent trend with large national payroll firms taking  on the role of a third party administrator. While they are experts in the business of payroll processing, all too often these large firms are the most common offenders when a pension plan falls short on compliance. As an expert in the highly specialized industry of retirement planning, we've seen what can happen when a plan's needs are not continually monitored by an experienced pension consultant. INTAC's Payroll Integration Fact Sheet outlines what you need to know about the integral role of a third party administrator. With INTAC as your dedicated trusted advisor ~ there is no comparison. Finally, please don't hesitate to contact your INTAC pension consultant at any time if you are ever approached by a payroll firm in TPA clothing. We are here for you.
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INTAC makes every effort to bring its clients and industry partners the most updated industry news and information. This includes continually enhancing our website with the best possible tools you need to stay informed.
Click on INTAC's website to the right and take a look at our newest page titled Worth-the-Read Industry Articles! Like its name, we've compiled important and meaningful "reads" that may be helpful to getting the most out of your company or client's retirement plan. Remember to also check out INTAC's Just the Facts page! This page is dedicated to providing you with information on the many aspects of the retirement planning industry, all in a clear-cut and reader-friendly fact sheet form. Here you will find our Sending Required Participant Annual Notices and Payroll Integration Comparison fact sheets mentioned in this newsletter, as well as many other FAQs.
Finally, cash balance plans are powerful tools that can address a variety of planning needs from tax and retirement planning to estate and business succession planning. Their protective nature against market volatility and plan portability are just a few of the attributes that make cash balance plans quite desirable among business owners and employees. Click here to take a look at INTAC's updated Cash Balance Fact Sheet containing 2013 plan limits.
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Intac Actuarial Services announces its 2013 NJBIZ ranking as the Largest 401(k)/Defined Contribution Provider in New Jersey for the fifth consecutive year. Now in its 36th year in business, INTAC has been providing pension planning solutions that include a combination of qualified retirement plans and administrative services to help a wide variety of clients, each with its own unique goals, needs and circumstances. "We believe this accomplishment has been a result of INTAC 's signature 'Gold Star Service' to its clients, financial advisors and other industry partners," affirms Charles Rosenberg, INTAC Vice President. "We take pride in maintaining an open-line of communication with our clients, their accountants and other financial advisors, as we feel this is essential in meeting and exceeding each plan sponsor's expectations. This is what we call the INTAC experience - expert consulting, unlimited resources, personalized service and unique plan design tailored to each company's goals and needs." INTAC continues its mission to bring a combination of the latest industry technology and the highest level of client service possible to all of its clients.
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New to the Insider: INTAC Team Member Spotlight!
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If you have called or visited our offices at some point over the last 23 years, then you have likely met Jennifer "Jeff" Leitner! Jeff has seen INTAC grow and evolve into the well-established firm it is today. As part of INTAC's Gold Star Service, Jeff ensures clients and advisors always connect with the most knowledgeable staff member related to the plan and/or the question. We asked Jeff to share something about INTAC that folks may not know. She said, "INTAC feels like family. Despite employing almost 50 people, we all know each other's likes, dislikes, habits, family problems ~ and we share in each other's joys and sadness. Everyone is definitely there for each other; I have experienced this firsthand."
Jeff describes the most rewarding aspect of her tenure with INTAC as appreciating the opportunity to talk to different people all day and every day. Not just answering their questions but solving problems as well. When not busy at the office, Jeff and her husband, Billy, enjoy spending lots of time at the Jersey shore which she exclaims is "in her blood"!
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| What It Means To Be A Part Of The INTAC Family |
 As a valued client, you automatically qualify for a host of unique benefits. Here are just some of what INTAC's Gold Star Services include and an explanation of our commitment to your privacy:
 Consulting for Failed & Narrowly Passed Compliance Testing - Our pension consultants are experts in designing plans that meet the specific goals of our plan sponsors. That specialized skill becomes critical during the times of pre-testing (usually mid-plan year) and testing (the few months following a plan year-end).
Audit Support Services - Due to the recent increase of IRS, DOL and PBGC audits in the retirement plan industry, trust that our qualified plan administrators are prepared to provide you with the necessary support you need should you ever be faced with this circumstance. Visit the Consultant's Corner to find out more.
EFAST Liaison Service - As part of our Gold Star Service, if you require any assistance or have questions about the online registration process and/or the signing of your 5500 Forms, please contact our office at 201-447-2525 and request to be connected to a member of our EFAST Liaison Team who can personally walk you through the process. Check out Consultant's Corner for additional details.
Client Portal - Clients always have access to the INTAC Client Portal, which is our secure website monitored daily by our pension consultants, for submitting plan data and viewing plan-related documents and information. For detailed instructions on how to access the client portal, click here.
Government Agency Assistance - INTAC is always available to assist in responding to IRS, DOL or PBGC inquiries, questionnaires and surveys.
Our Commitment to Your Privacy - INTAC's commitment to your privacy is paramount. To learn more about our policies to maintain the confidentiality and security of your nonpublic personal information, follow this link - Privacy Commitment.
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Consultant's Corner
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So much of what our dedicated INTAC consultants are working on to keep your plans up to speed happens behind the scenes. The INTAC Insider details some of these tasks and other notable highlights that they do. Right now our Gold Star Consultants want you to know:
~ 5500 Signer Credentials - You may receive a call from an EFAST representative regarding your registration and/or the electronic signing of your 5500 Forms. INTAC's experienced team members are ready to lend a hand. As part of our Gold Star Service to our clients, if you have any questions or require assistance with your registration, please contact our office and request to be connected with a member of our EFAST Liaison Team who can personally walk you through the process as needed.
~ Minimum Distributions - INTAC's experts are carefully reviewing your census data to see if Minimum Distributions are required so we can give you advance notice prior to year-end.
~ Calculating Contributions - Our consultants are calculating pension contributions for plans that require a calculation and awaiting confirmation that all contributions due to be deposited to the plan have been made.
~ On-Going Data Collection -If you've a plan that has not yet sent in your census and asset data, then our consultants are following up with you to help ensure your forms are filed in a timely manner so we can prepare your Annual Reports. Census and asset data can be submitted to your INTAC pension consultant or via the Client Portal*. We trust you will find that submitting data to us electronically is quick, easy and efficient. Should you require technical assistance, please call our office at 201-447-2525 (ext. 0) to request technical assistance for the Client Portal and one of our dedicated professionals will assist you.
*If at any time you need to obtain forms sent to you or submit data, you may do so via the Client Portal of INTAC's website. For detailed instructions for the Client Portal, follow the blue instruction link. Also, as part of INTAC's Gold Star Service to our clients, if you have any questions or require assistance with completing these forms, please contact our office and request to be connected with a pension consultant, who can personally walk you through the process as needed.
~ Last but not least, we are always available to help our plan sponsors, brokers and accountants with any pension-related questions you may have. When you call INTAC, you always receive Gold Star Service because you speak with the most knowledgeable staff member related to your plan and/or your question.
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Here's a taste of what our clients and industry partners are saying about us!
"David - Thank you for the detailed explanation, I fully understand now the rules and also the rational of your recommended design. Thank you again for explaining the whole issue for me, I will actually print it to have it as a reference if I forget! ~ Have a great day. DM"
"Charles - I wanted you to know that one of my new plans that we work together on had an issue with the payroll company on the contribution. Cathy went above and beyond what I truly believe is the scope of her job in order to help remedy the issue as fast as possible. Each person that I have dealt with at your office with any issue has always made me look better for recommending INTAC. I guess I owe Bill for introducing INTAC to me. ~ Thanks again! Dirk"
"Judy - Thank you so much. I always get the best guidance and quick responses from you. ~ Denise"
"Charles - Thank you and Bill V. & Bill W. and your entire staff for your always amazing service. I appreciate working with you and hope to work together more in the future. ~ Thanks, Rich"
To read more testimonials, visit the testimonials page on our website by clicking here.
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"Real integrity is doing the right thing, knowing that nobody's going to know whether you did it or not." ~ Oprah Winfrey, American media proprietor, talk show host, actress, producer, and philanthropist.
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Intac Actuarial Services has been providing complete administration and consulting to employer-sponsored retirement plans since 1977. INTAC's professional staff of experienced and innovative plan administrators designs, creates and continually refines a wide range of qualified retirement plans. We are committed to meeting our clients' needs by providing these services in a timely, accurate and cost-effective manner. INTAC has been ranked as New Jersey's #1 401(k)/Defined Contribution Provider by NJBIZ� for four consecutive years.
For additional information on the contents of this newsletter and other important topics, please contact us or visit our website at www.intacinc.com. It is our privilege to be of service to you!
Sincerely,
Intac Actuarial Services, Inc.
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Corporate Office: 545 Route 17 South | Ridgewood, NJ 07450 | 201.447.2525
Branch Offices: West Long Branch, NJ | Huntington Beach, CA | 1.800.548.4410
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