FAQs

Frequently Asked Questions

TPA stands for Third Party Administrator. With most small to mid-size companies, the Plan Sponsor will typically hold the official title of “Plan Administrator” and outsource most of the responsibilities of being the Administrator to a ministerial third party.

A TPA provides the basic compliance and administration services necessary for your retirement plan to maintain its qualified status. These services include plan design, plan documents, plan amendments, annual compliance testing, annual return Form 5500, etc. All of these services are required when maintaining a qualified plan such as a 401(k) or Profit Sharing plan.

Please call or send us an email if you would like to receive a quote for a retirement plan prospect. Please be prepared to provide us with the following information:

  • Name of Company
  • Number of Total Participants
  • Estimated Total Assets
  • Estimated Annual Flow
  • Current Investment Provider
  • Any unique Plan Design Features (Safe Harbor, Cross-Tested, Brokerage Accounts, etc.)

Your prospective will have the following documents on file that will be essential to your analysis.

  • Plan Document
  • Previous Years Compliance Report (Nondiscrimination Testing)
  • Previous Years 5500
  • Previous Years Plan Valuation (Trust) Report
  • Investment Provider Contract
  • A complete employee Census in Excel for every employee who worked 1 hour including: Name,
  • DOB, DOH, Compensation, Job Class

Yes, we are available to assist you in your client and/or prospect meeting concerning retirement plan matters. We help Plan Sponsors understand what their current needs and goals for their company retirement plan then provide practical solutions that can help with those specific needs and goals.

Maxus is a fee for service firm that focuses on bringing value to our client and advisor relationships. This means our fees are not based on plan assets, rather we use total participant count, plan design, and investment structure as our primary filters in determining price.

Further, we provide full disclosure of any revenue sharing we may receive from the investment provider in connection with your plan which will be used to offset your future base administration costs. For a plan specific quote, please contact a Maxus Plan Solutions sales representative.

No, Maxus is a non-producing TPA. This means we do not provide competing investment advisory services; and we do not sell investments or insurance of any type and are not licensed to do so.

You have hired Maxus to perform the required compliance and administration for your company’s retirement plan. In order for Maxus to provide these services, we need certain data that we can only get directly from you.

This data includes your company census information and verification of general business and plan information. Without this information, we are unable to perform the services you have hired and already paid us to do; and, in addition, your plan risks becoming noncompliant with government regulations.

No. It is possible to exclude employees through a variety of means. The most common is simply to have eligibility provisions that require employees to attain a certain age and length of service before they are able to enroll. There are also certain classes of employees you are allowed to exclude by law (e.g. union). In certain circumstances, you can exclude classes of employees of your choosing providing all nondiscrimination requirements are met.

The maximum amount that can be contributed to a Defined Contribution plan is $58,000, or $64,500 or if you are eligible for the $6,500 catch-up contribution limit (must have reached age 50).

This includes all contributions from all sources including 401(k) deferrals and any Employer contributions such as match or profit sharing. The maximum benefit that can be funded for a Defined Benefit plan for 2021 is $230,000.

In order for the contributions in your retirement plan to be made on a tax-favorable basis, the government has established qualifications your plan must comply with each year in order to maintain this tax-favored status.

So, all of the paperwork that you have to deal with related to your retirement plan is a part of the necessary and required activity of maintaining your tax-qualified status. Failure to do any of these activities can result in significant penalties or (worst case) disqualification of the plan.

The DOL expects the deposits to be made “as soon as they can be reasonably segregated from the employer’s general assets.” There are new proposed regulations that would provide a safe harbor if the contributions are deposited no later than the 7th business day following the withholding.

Click here to be taken to the Department of Labor’s website for a summary of the proposed regulations.

So there should be a deposit made after each payroll where employee 401(k) deferrals are withheld.

A Highly Compensated Employee is someone is meets any of the following criteria:

  • Owns more than 5% of the company
  • A family member of the 5% owner (spouse, child, parent)
  • Earns more than $130,000 for 2021

If a plan is determined to be top heavy there can be severe consequences. If the Key Employees in the plan hold more than 60% of the plan assets, the plan is top heavy and one potential corrective measure is the employer will be required to make a 3% contribution to all eligible employees.

Every Plan Sponsor should not only be fully aware of what their plan’s top heavy testing percentage is, but also know what factors could influence this number in a dramatic and unexpected way.

Emily C.

Client Service Manager

Education:

Kaplan University – Bachelors in Business Management

Hometown:

Donahue, Iowa

Best food ever?

Tacos, chips & salsa, carnitas…really anything Mexican!

What inspires you?

My boys, Scottie and Jackson. They are smart, creative, funny, and kind and I want to make them proud. 

First concert?

Miami Sound Machine at our county fair

Jim H.

Principal, CFO

Education:

University of Akron

Hometown:

Cleveland, OH

Hobbies?

Golf

Favorite part of your job?

Satisfactorily resolving client issues

Coffee or tea?

Coffee

Liza B.

Senior Client Service Manager

Education:

Bachelor of Science, Physical Education

Hometown:

Santa Fe Springs, CA

Best food ever?

Tonkatsu ramen

First concert?

Rolling Stones

Biggest fear?

Sinkholes

Zak K.

Principal, Consulting Actuary

Education:

BA in Mathematics, Minor in Business Admin and Philosophy/Religion

Hometown:

Port Clinton, Ohio

Best part of your day?

First cup of coffee in the morning!

First concert?

Starship

Favorite part of your job?

Teaching

Sandra D.

Senior Client Service Manager

Education:

Virginia Western Community College

Hometown:

Roanoke, VA 

Where do you donate?

I work in the food pantry at my church

What’s on your nightstand?

Alarm clock

Coffee or tea?

Both 

Sandy G.

Sr. Client Service Manager

Education:

Institute of Arts and Sciences, Fine Arts, Hesser College

Hometown:

Swansboro NC

Where do you donate?

In memory of my daughter, I have Random Acts of Kindness cards. There are 250 in the box. My goal every year is to empty the box. So in short I donate everywhere there is a need or just to do something kind to anyone. 

Any hobbies?

So many… Art projects, Photography, Nature walks, Fishing, swimming, traveling….

Coffee or tea?

Coffee, Coffee and more Coffee

Stephen R.

Senior Actuarial Consultant

Education:

Bachelor’s Degree in Actuarial Science

Hometown:

Plain City, OH (Columbus, OH)

What are you really good at?

Piano – I began lessons at 3 years old after my older sister heard me play “You are not alone” by Michael Jackson while she was watching the music video on MTV

Best part of the day?

Breakfast, Lunch and Dinner (and the snacks in between)

Hobbies?

Sports and fitness – I coach group fitness a couple days a week. I can’t think of a better way to prepare for a long, prosperous retirement!

Tom B.

Actuarial Consultant

Education:

Master’s Degree; MDiv

Hometown:

Tampa Bay

Favorite thing to do in Charlotte?

Spending time with my family at a park or on a nature trail hike

What inspires you?

Interacting with others who are always seeking to grow, improve, and take on challenges

First concert?

Beach Boys

Shelley D.

Client Service Manager

Education:

CPCC

Hometown:

Mount Holly 

Best part of your day?

Dinner time with my family.

Best food ever?

Anything Pasta

First concert?

New Kids On The Block

Aaron H.

IT Manager

Education:

North Carolina State University, BS Mathematics and Computer Science

Hometown:

Charlotte, NC

Best Food?

Tacos

Most-used productivity hack:

Put everything onto a list with a date and time.

Coffee or tea?

Coffee all the way.

Jasmin W.

Internal Sales Consultant

Education:

Bachelor of Arts in Communication

Hometown:

Military brat, the US is my hometown!

Best food ever?

Anything Jamaican!!! 

What are you really good at?

Motivating others to see their potential & surpass it! 

Favorite part of your job?

Learning something new every single day!

 

Tracey G.

Compliance Analyst

Education:

Stark State College

Hometown:

Minerva, Ohio

Best part of the day?

5 o’clock. Lol

First concert?

Tom Petty

Coffee or tea?

Coffee, of course.

Morgan C.

Compliance Analyst

Education:

Bachelor of Science in Finance

Hometown:

Spanish Fort, AL

First concert?

Incubus

Coffee or tea?

Coffee

Best part of the day?

Being with my husband and little girl

Renee A.

Compliance Analyst

Education:

B.S. in Accounting, B.S. in Psychology

Hometown:

Mobile, Al

Hobbies?

Reading

First concert?

Rascal Flatts

Coffee or tea?

Coffee

Julie M.

Senior Actuarial Consultant

Education:

Undergraduate Degree in Business Administration from John Carroll University / Graduate MBA Degree from Cleveland State University

Hometown:

Solon, Ohio

Best food ever?

For me, nothing compares to the comfort food feeling of the Eastern European cuisine – spatchcocked roast chicken with boiled small yellow potatoes that are glazed with butter, garlic and dill sauce. The side dish is a salad consisting of fresh tomatoes / cucumbers / sweet onions with dill and sour cream. One does not go without the other so it’s all one dish.

Favorite books?

Alexander Dumas’ The Count of Monte Cristo

What inspires you?

It’s not original but I’ve always been inspired by acts of kindness, selflessness and perseverance. It’s very easy to be focused on your own life, problems, wants and needs. It’s much harder to put other people ahead of yourself and also not get discouraged when your journey is not as smooth as you’ve anticipated. 

Kristi D.

Director of Actuarial Services

Education:

Bachelors in Applied Mathematics and Bachelors in Applied Statistics, Actuarial Science

Hometown:

Akron, Ohio

Where do you donate?

We are frequently making drop offs to the Salvation Army and give to the Cleveland APL 

Best part of your day?

At the end of the workday every day, rain or shine, my husband and I take a walk with our English Bulldog Frank (and now our precious Naomi too!) and chat about our day.  It’s the favorite part of my day.

Best food ever?

Anything Thai

Coffee or tea?

Coffee in the morning, herbal tea after 3pm

Nick N.

Principal, CEO

Education:

BA, Interdisciplinary Studies

Hometown:

Akron, Ohio

Where do you donate?

Charity Water

What’s your most-used productivity hack?

Listening to podcasts and audiobooks at 1.5x to 2x speed.  Only problem is now normal speed seems so slow!

Best food ever?

Chipotle burritos.  Prove me wrong.