Summit is your guide for navigating the retirement plan complexities of mergers and acquisitions so your organization can hit its stride sooner.
THE CHALLENGE:
A management group who owns medical practices and facilities had completed several mergers and acquisitions over an 8-year span.
“The client needed to meet compliance testing requirements while minimizing costs.”
The group faced rising annual non-elective contributions (QNEC) that would only continue to grow as the organization expanded.
An audit also revealed compliance issues created by a lack of oversight from the previous consultant and third party administrator (TPA).
WHAT WE DID:
“The entire Summit Team leaned into our issues and never shied away from the complex problems we were facing. They are truly authorities in their field.”
KYLE P., CFO, SOLARA SURGICAL PARTNERS, LLC.*
Enter: Summit’s ability to prescribe compliant organizational strategies and creative plan designs that satisfy complex client needs.
Summit recommended and implemented a multi-faceted plan design. Summit’s plan established both a Safe Harbor design for the management group and other entities, and a Non-safe Harbor design for the remaining practices to ensure the client would pass all required compliance tests, including coverage, ADP, ACP, and top heavy.
“Summit’s customized plan addressed the rising costs and plan limitations the management group had faced when working with previous advisors.”
THE RESULT:
“The Summit team remedied the fragmented process for implementing plans when new entities were absorbed, alleviating compliance concerns and creating administrative ease.”
This streamlining of organizational structure saved the client time and money, while reducing their risk and liability related to compliance testing requirements.
