How does your 401(k) stack up?
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We follow these SIX STEPS to ensure your 401(k) is the best it can be.
Step 1
Fiduciary Governance
A trustee is the party responsible for managing a retirement plan and has a fiduciary responsibility to make sure it's used in the best way possible for the employees who have assets saved in it. Good governance means that the fiduciary is following regulatory rules and making prudent decisions regarding the 401k plan.
Step 2
Benchmarking & Fee Structure
401k benchmarking is an exercise to compare how your 401k plan is performing relative to other retirement plans. This process helps trustees understand what is available in the marketplace and helps validate if they have the right teams supporting them at a competitive price offering. It's important to understand the fee structure so you can make sure you're not paying too much and that your money is being used in the best way to grow over time.
Step 3
Plan Design
There are different design options for a 401k plan, which means you can choose how you want your plan to work. Some options include how much money you want to contribute each year, possible tax saving strategies, and how you want to take out the money when you retire. It's important to think about these options carefully so you can make the best decisions for your future.
Step 4
Employee Support
As a critical part of a benefits offering, it is imperative staff members understand how a 401k plan works and how to make the most of it. Many companies include education for their employees. This can include information about how to enroll in the plan, how to choose the right investments and knowing how much to save to achieve goals. By taking advantage of this support and education, employees can feel more confident about their financial future and make the most of their 401k plan.
Step 5
Investment Selection Process
When it comes to 401k plans, we help your company choose the right investment options. We review a myriad of factors when selecting investment options including the amount of risk involved, the potential for earning money over time, and the fees that come with each investment. We also think about your employees ages, their goals, and how much money they have to invest.
Step 6
Provider Management
Having the right team to support your organization makes all the difference! We work with a select group of 401(k) service providers (recordkeepers) and third-party administrators (TPA). They help support employees accounts and help support organizations in their retirement plan compliance requirements. We are careful when choosing a service provider to make sure the company is reliable and trustworthy. When making a recommendation we consider the fees the company charges, the investment options they offer, and the customer service they provide.