Let’s Make a Concrete Plan for Your Company’s 401K
Whether you’re at the beginning stages of developing your business or decades down the line, managing your group retirement plans can be intimidating. For small and medium-sized businesses, we’re here to prepare you in protecting your employees’ futures. Nonprofits, we’re here for you too.
Phase One: Opportunity Analysis
Our analysis starts with understanding your objectives as the plan sponsor. From there, we identify areas of the plan that do not match these objectives or might otherwise be an area we can improve upon. In presenting our analysis we also go through any issues we’ve uncovered such as unsuitable or poor quality of investment options, unreasonable expenses or lack of service. Our goal through the analysis is to lay the foundation to a more personalized retirement plan that fits the needs of your company and its employees.
Phase Two: Marketplace Insights
Once we have your group retirement plan goals specified, we conduct an exhaustive survey of the group retirement plan providers to identify those providers that can best meet your needs. We’ll bring you an easy-to-understand comparison highlighting key information and important decision-making factors. We will help you understand the differences between the providers so that you can make an educated decision on which provider to partner with.
Phase Three: Plan Implementation
Once a provider is selected, we will present a final plan of recommendations including:
- Suggested changes to the plan provisions.
- Type of transfer or roll out.
- Specific service options to elect with the plan provider.
- Timeline of implementing the recommendations.
Phase Four: Continuous Review
We’ll meet and offer an overall review one to four times a year depending on your needs. The items covered in each review meeting include:
- Meeting agenda
- Yearly or quarterly plan review from the provider
- Investment scorecard from the provider
- Customized mutual fund analysis
- Investment Policy Statement & Checklist
- Solutions Activator to take organized notes
- Education Events
- Benefits Fairs
We will work with you to determine the best method for educating plan participants about the plan itself, saving for retirement, and general financial wellness. This may include conducting live education events, attending benefits fairs or having one-on-one meetings for individual participants. Our goal is to help make sure your workforce is ready for retirement when the times comes.
Retirement Plan Inspection
We analyze your plan and identify any participants who may have an inappropriate allocation of their portfolio. We then discuss with the trustees if we should reach out to those participants and explain what their portfolio should look like and educate them on all the investment options.
Schedule of Events
A yearly calendar that clearly lists all the activities that should occur during the year to ensure you stay compliant with Department of Labor regulations, meet any filing deadlines and help plan participants reach their retirement goals on time.
Your compliance binder has everything you may need in the event of an audit. The binder also centralizes all your documents so you can keep track of plan reviews, participant notices and any other important plan related documents.