In the Introduction Call, we delve into your objectives, challenges, and how we can best support your company’s retirement plan. We aim to understand what you are trying to achieve and the obstacles you face.
What can you expect when transitioning your business retirement plan?
Over time, a company’s business goals change. Reviewing your plan design, recordkeeper, investments, and service providers helps to ensure the retirement benefits you have set up continue to meet those goals. While transitioning a plan can be a complex process, the effort is always worth it. The right plan can ensure your retirement benefits meet your company’s objectives and provide your employees with valuable retirement benefits.
Whether your company is seeking a consultation or a full transition, we are your strategic partner here to support you every step of the way.
Recruit, Retain, and Reward Employees
Transitioning a 401(k) plan provides an opportunity for a company to recruit, retain, and reward employees. To achieve these objectives, a company can focus on offering a plan with competitive features such as low fees, diverse investment options, and valuable retirement benefits. When communicating the new plan to employees, the company should highlight its benefits and educate employees on how they can maximize their retirement savings. This can include providing financial education resources, personalized investment advice, and retirement planning tools.
Align Business Goals With Plan Design
It is important for a company to align its business goals with the plan design to ensure that the plan is effective in achieving its intended purpose. To do this, the company should start by determining its objectives and how the 401(k) plan can support them. By aligning the plan design with the company’s business goals, a company can ensure that its 401(k) plan is effective in supporting its objectives and providing valuable benefits to employees.
Improve Your Company Retirement Plan
Implementing a retirement plan that is best for your company requires thorough research and careful planning. Begin by determining the company’s retirement plan needs and researching various plan options. Evaluate potential providers and choose a plan design that best meets your company’s needs. It’s important to communicate the plan to employees and provide education on its benefits and how to use it.
What should you expect in an initial review?
We begin client engagements with a conversation! It starts by defining your retirement plan objectives and conducting a comprehensive review of all plan design provisions. Then, we present a custom plan design analysis to make sure your company’s new retirement plan is aligned in the best possible way to meet your company’s goals.
For your custom plan design analysis we will need copies of:
- Plan Adoption Agreement with all plan amendments
- Employee census
- Latest discrimination testing
- Valuation for the most recent plan year-end
- Copy of Form 5500
Once the documents are reviewed and found in good order, we will electronically restate and provide all clients with a secure, paperless copy. Then, we host an on-boarding conference call to clearly identify a timeline for transitioning the plan and to answer any questions.
How Start and Build The Relationship
During this phase, we collect essential plan documents and conduct a comprehensive review of historical plan information. This is crucial for creating a well-informed plan design summary.
We offer recommendations, compare different plan providers, and engage in a discussion about pricing options. This step guides you in making informed decisions about your retirement plan.
If you approve of our recommendations, the Moving Forward stage involves a series of straightforward form submissions that initiate the onboarding process, ensuring a smooth transition to the next steps.
During this step, we provide reviewed and updated plan documents. We also create a detailed timeline for transferring plan assets and changing providers, ensuring an organized and efficient process.
Our team assists in preparing and distributing employee notices related to the transfer and ensure compliance with any required transfer notifications. Effective communication with employees is key to a successful transition.
For your on-going experience, we will provide support and complete the following annual requirements:
- Partner with you to offer a powerful company benefit
- Be a resource for your questions
- Review and monitor your retirement plan to ensure it is meeting employer needs as best as possible
- Complete compliance testing requirements
- Discuss your current plan design
- Recommend updates and changes as company goals and/or demographics change
- Review trust assets to ensure all assets are accounted for and in the correct accounts
- File the required Form 5500