Third Party Administration

Oriental Pension Consultants, Inc.

List of Third Party Administration Services Provided

  • Plan Compliance
  • Plan Administration
  • Information Provided to Participants
  • Summary Annual Report
  • Supplemental Administrative Support


Oriental Pension Consultants will act as agent for the Employer in performing the following compliance services for the Plan:

Plan Compliance

  • Upon the request of the Employer, compute the vested percentage of a participant’s account during a Plan Year
  • Determine benefit distribution amounts and due dates
  • Coordinate direct rollovers of benefits to other qualified plans or individual retirement accounts.
  • Perform annual non-discrimination and compliance tests pursuant to applicable sections of the US Internal Revenue Service Tax Code and the Puerto Rico Tax Code
  • Prepare all applicable government forms, including Forms 5500 and related schedules, 480.70 and submission to appropriate governmental agencies

Plan Administration Report

  • Summary of Plan Specifications
  • Census reports detailing the status of each employee (participant)
  • Financial statement with detailed trust accounting for the period
  • Summary schedule of insurance in force
  • Detailed listing of all types of contributions and allocations
  • List of new entrants
  • List of participants by category for REA Notices
  • List of participants required to receive RMDs

Information Provided to Participants

  • Summary Annual Report
  • Required ERISA notices

Supplemental Administrative Services

  • Loan applications, promissory notes and amortization schedules
  • Loan administration, account reconciliation and review with each valuation
  • Hardship withdrawal calculations and form preparation
  • Benefit calculations for retirement, death or disability
  • Form 5500 Extension Filing
  • Terminated Participant Distributions Review
  • Investment allocations and deposits instructions
  • Excess refund calculations
  • Audit assistance
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