Plan Design & Legal Services
Careful consideration should be given to design a retirement plan that maximizes benefits and best meets the specific needs of your organization.
Plan design considerations generally involve:
- Employee eligibility
- Pre-tax and Roth
- Automatic election
- Employer funding
- Distribution options
Keeping track of plan contributions, withdrawals and individual participant account balances tend to create the majority of plan sponsor errors and headaches. Our Exchange platform fully integrates our system by streamlining the entire recordkeeping process, resulting in fewer errors and increased productivity, which in turn creates simplified client interaction with less overall expense.
The administration of a plan includes recordkeeping of plan contributions, benefits and employee information, as well as required annual filings to substantiate the tax deduction allowable to your firm. Generally, administration may include:
- Establishing a plan and trust document.
- Filing the plan with the Internal Revenue Service.
- Employee notification.
- Reviewing eligibility.
- Reconciling plan assets.
- Providing participant statements.
- Processing termination, loan and hardship distributions.
- Providing daily or annual valuation services.
- Reviewing all required plan testing.
- Preparing annual reports.
- Filing annual returns with the IRS.
Plan reporting and administration tend to overwhelm plan sponsors by creating unnecessary pressure and disruption. Let our firm take on the responsibility of not only preparing the necessary filing reports, but also participant notifications and statements. Our processes and expertise allow us to streamline ongoing plan reporting requirements so that you can rest assured that all of your plan’s obligations are being met.
The regulatory landscape has dramatically changed in recent years, and fiduciary liability has become an increasingly burdensome responsibility for plan sponsors.
For our executive & employee benefit retirement plan clients, we serve as an ERISA 3(38) Investment Manager. This effectively creates a co-fiduciary relationship between you, your plan and us. Our goal is to make available solid, high-quality investment options to the plan and provide you with sound, prudent investment insight, as well as to monitor and assess your plan’s designated investment alternatives menu.
Through our own proprietary review and monitoring system, we give powerful advice in an easy to understand format. We provide our clients with an Investment Policy Statement designed to outline the framework for selecting, monitoring and maintaining your plan’s core investment lineup.
Although retirement plans provide enormous benefits to employees, employers struggle communicating the value due to the exhaustive complexities involved. We are here to help your employees with plan enrollment, contribution amounts, asset allocation, distribution processing and more.
My Retirement Portal
Perhaps one of the greatest aids we offer to assist participants is our My Retirement web portal. Participants can quickly see a projection of what their income may look like in retirement straight from their Dashboard. With our built-in financial planning software, participants are able to launch a detailed planning tool to help further visualize their retirement income sources and how achieve their goals.
All participants have immediate access to their investment results, allocations and balances directly from their Dashboard. No longer do participants need to sort through complicated account statements to simply determine how their plan account is performing.
Our step-by-step process walks participants through every aspect of their retirement plan account from changing their asset allocations to setting up an account rebalancing strategy. By making the investment management process more understandable and user-friendly, participants are able to seamlessly facilitate the changes with ease.