Consulting Services
Plan Design and Implementation
We assist employers in designing a 401(k) plan that aligns with their objectives and considers the unique characteristics of their workforce. Our consultants analyze factors such as eligibility criteria, contribution options, vesting schedules, and plan features to create a plan that maximizes participation and engagement.
Designing and implementing a correct 401(k) plan involves several key steps to ensure its effectiveness and suitability for both employers and employees. Here are some topics for consideration. If you have any questions concerning the following topics, please schedule an appointment to discuss.
Assessment of Needs and Goals
Understand the objectives of offering a 401(k) plan. Consider factors such as attracting and retaining talent, providing retirement benefits, and tax advantages for both the company and employees.
Plan Structure and Features
Determine the structure of the plan, including eligibility requirements, contribution limits, vesting schedules, and employer matching or profit-sharing contributions. Consider features like automatic enrollment and escalation to encourage participation and savings.
Investment Options
Select a diverse range of investment options to accommodate different risk tolerances and investment preferences. This may include mutual funds, ETFs, CITs target-date funds, index funds, and company stock (if applicable).
Provider Selection
Choose a reputable 401(k) plan provider or administrator who can offer competitive fees, excellent customer service, robust investment options, and user-friendly technology for plan management and participant access. Administration and liability of sponsoring a retirement plan can be delegated to other service providers. Determine if a 3 (16) plan administrator and or a 3 (38) investment advisor is in the best interest of the plan sponsor and plan participants.
Employee Education and Communication
Develop a comprehensive communication strategy to educate employees about the benefits of the 401(k) plan, how it works, investment options, and retirement planning tips. Provide ongoing support and resources to help employees make informed decisions.
Implementation
Work with the chosen plan provider to set up the 401(k) plan, including drafting plan documents, establishing administrative procedures, and integrating with payroll systems for seamless contributions and record keeping.
Enrollment and Participation
Conduct enrollment sessions to facilitate employee participation in the plan. Offer assistance and guidance to help employees enroll, select investment options, and set contribution levels.
Monitoring and Review
Regularly review the plan’s performance, investment options, fees, and participant engagement. Make necessary adjustments based on feedback, changes in regulations, or shifts in company priorities.
Plan Evolution
Continuously evaluate the effectiveness of the 401(k) plan and make improvements as needed to better meet the needs of both the company and its employees. Consider feedback from participants and changes in the external environment to adapt the plan over time.
Invest in Your Company's 401k
Let us focus on helping to improve your company's retirement plan. Schedule a call to explore our custom-tailored and innovative solutions, ensuring your employees secure a financially stable future.