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Quick Adoption allows an Employer whose fiscal year ends December 31st to establish a defined benefit plan that will still permit a contribution for 2004. Plan documents must be completed, signed, and dated no later than December 31, 2004. Please download and print out these PDF documents and the instructions for completing them.
To read the PDF files, you will need Adobe Acrobat Reader.
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Click here to download documents and instructions.
Your print-out should include:
- Plan Set-up Questionnaire (7 pages)
- Adoption Agreement (2 pages)
- Corporate Resolution or Adopting Resolution (2 pages complete the appropriate one)
- Plan Services and Fee Agreement (4 pages plus Schedules A, B, and C)
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Before You Complete the Documents
Don't complete the documents until you or your client has discussed the proposed defined benefit plan with Metavante's Defined Benefit Service Team and a legal/tax advisor. The Metavante Defined Benefit Service Team is available at: 1-866-269-2706.
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When you are ready to open a plan for 2004
FAX the completed, signed and dated Adoption Agreement by midnight December 31, 2004 to Metavante. FAX: 1-408-579-5361
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Complete, Sign, and Date Documents By 12/31/04
Mail the signed and dated originals of the Adoption Agreement, Set Up Questionnaire, Corporate Resolution (or Adopting Resolution), Plan Services and Fee Agreement, and a check for the Set Up Fee to Metavante.
EMJAY Retirement Plan Services, Inc.
1670 S. Amphlett Boulevard
Suite 214, Room 44
San Mateo, CA 94402
Documents must be signed and dated by December 31, 2004 but can be received by Metavante after 12/31/04.
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Plan Set Up Fees
Please refer to the Plan Fee Schedule to determine the plan set up fee. The set up fee is $1,200 plus $50 for each eligible participant. Make the check payable to Metavante Retirement Plan Services.
The annual administration fee is $1,500 plus $100 for each eligible participant. You should expect to receive an invoice for the entire 2004 annual administration fee by January 31, 2006. For 2006 and future plan years, the annual administration fee will be billed on a quarterly basis.
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What happens next?
Metavante will send you confirmation that we received your completed documents and the check for the set up fee. We will review the documents and contact you if additional information is needed.
The adoption agreement that you sign by December 31, 2004, as part of the Quick Adoption Process, provides for minimal contributions to the plan. The adoption agreement must be amended to achieve your desired contribution amount, although you should consult with your tax advisor as to the maximum amount of the contributions to your amended plan that are deductible by you for income tax purposes each year. A member of the Defined Benefit Service Team will work with you to amend the plan to meet your needs.
Metavante will assign an identification number for your trust (TIN). The TIN should be used as the ID number for your trust account which will be a custodial investment account.
If you are a sole proprietorship and do not have an Employer Identification Number (EIN), you cannot use your Social Security Number as the EIN. The IRS requires you to have an EIN for plan reporting purposes. You can obtain an EIN online at www.irs.gov or refer to your CPA. Metavante will obtain an EIN for you for a fee of $50.
As soon as the plan is set up Metavante will send you a Compliance Anniversary Package (CAP) that will ask you to confirm information from the Questionnaire and to provide final compensation figures for 2004.
After receipt of the completed CAP, your plan will be submitted to our actuary for calculation of the final contribution amount for 2004.
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Establish a Custodial Investment Account for your Defined Benefit Plan
Please work with your Financial Advisor to open a custodial investment account for your defined benefit plan. The name on the account should read "Employer Name" Defined Benefit Plan and Trust. For example, the account opened for Acme Inc. would be named Acme Inc. Defined Benefit Plan and Trust. It is recommended that the account be established and funded with $100 or more by December 31, 2004. Contributions for the 2004 year do not have to be made by December 31, 2004. The contribution must be deposited by the due date of your business tax return, including extensions, but in no event later than September 15, 2006.
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