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401(k) Administration

Pinnacle offers a complete 401(k) management system built into Millennium. The system provides for the ability to capture contributions, match them, and process them via an agency check (either in check or ACH transaction format). It could be anything from a voluntary deduction that's been setup at a company level where it becomes defined, to employee setup where it gets withheld from participating employees.

The system contains setup screens, which allow the company to define certain things:
Available status codes for plan participation
Fund setup with description
401(k) match calculations (usually scripted in VBA)
Contribution source definition

At an employee level, the system also captures those employees who are highly compensated: an owner (and at what percent), and owner related social security number for discrimination testing purposes by the third party administrator of your choosing.

Finally, a 401(k) file containing new employee enrollment data as well as periodic contribution data can be programmed to meet your exact specifications.