How do you know if your current advisor is a specialist in retirement plans? There are three different questions that will help determine if you’re working with a true specialist or just an average Joe: How many retirement plans does your advisor service? We see many companies use an advisor who is friends with the Read More…
What are hard-dollar and soft-dollar expenses, and how do they impact your retirement plan? Allow us to explain. Hard-dollar expenses typically include the expense of services such as plan design, plan design administration, and compliance. These hard-dollar fees are usually paid to a third-party administrator (TPA) or a bundle provider, who performs both the record-keeping Read More…
Failing to manage your company’s 401k plans in an effective and forward-thinking way could potentially result in 401k litigation that could cost you time and money. Your business has a fiduciary duty to your employees to manage their funds in a proactive and practical manner. Here are some points to keep in mind when Read More…
In the last few weeks, we’ve brought on multiple new clients with existing 401(k)s. The main reason the committees told us that clients were moving to us was that we were able to educate them on how their employees were paying fees. On page 67 of our book, you can see a picture of Read More…
People often confuse fidelity bonds and fiduciary insurance, so today I’d like to clarify the difference between them. First, one of them is required, while the other is not. A fidelity bond is mandated by ERISA, the Employee Retirement Income Security Act, which is a federal retirement law put in place back in 1974. It Read More…
If you’re sponsoring a 401(k) plan, you have a duty of loyalty and a duty of prudence to your participants and their beneficiaries. What does that mean? You must have a repeatable process and the selection and monitoring of your plan’s investment options. This means you need to hire and fire investment managers if they’re Read More…
Today we’re excited to share one of our favorite retirement plan solutions: a cash balance plan. A cash balance plan is a different type of retirement plan, and it may be an option for you to add onto your existing 401(k). Many of our clients have recently been bringing up the changes to our nation’s Read More…
Welcome to my video blog! If you currently sponsor a 401(k) plan and want to evaluate that plan, we can be of service. We’ll help design a plan to help you create secure retirement outcomes for your employees and help you understand your role as a fiduciary. I just want you to know we’re here Read More…
When I meet with prospective clients, they typically view the administrative duties performed by a potential provider as a commodity, i.e. all providers are the same, when in reality this couldn’t be further from the truth. The most significant liability faced by an employer who sponsors a retirement plan is related to the administrative duties Read More…