401(k) Plan Analysis

 

401(k) Plan Analysis

We analyze company retirement plans for high costs and poor performance and then provide a hassle free solution for the owner or HR person. We help business owners analyze their current retirement Plan. We look at their Plan's Administrative costs and service. We examine the investment costs. We compare the Plan’s investment(s) performance to their benchmarks and peer groups. We review the business owner’s fiduciary role and responsibility. We look for ways to improve the Plan for both the owner and the employees. Most business owners do not have the time or expertise to perform this kind of evaluation. Without too much time or effort, we can help the owner determine if their company retirement plan is sufficient or needs improvement. If it needs improvement, then we will offer alternatives, advice, and suggestions. We are independent. Therefore, the owner is assured of unbiased advice.

If the owner determines that the company retirement plan needs some changes, we help the owner through the entire transition. This includes explaining the changes to the employees. We will spend time with each employee to make sure they understand the importance of saving for retirement. Then we help them determine which investments would be most suitable to achieve their retirement goals, taking into consideration their age, years to retirement, risk tolerance, and outside investments. After enrolling the employees, we continue to support them on an ongoing basis. We are available to them throughout their working career to answer questions, lend advice, and offer a second opinion on any question they have pertaining to their retirement savings.

In addition to providing support to the employees, we act as the advisor to the business owner. A company retirement plan has many components such as; the investments, the administration, the record-keeping, the IRS & Department of Labor fiduciary responsibilities, and more. Most business owners don't have the time to become experts in all these areas, so we become the 'go to' person for them. If the company has an HR person then we interface with that person to help make that part of their job easier.

In summary, it is our job to make the company retirement plan the best it can be for the participants and a smooth running, hassle free concern for the owner and / or HR person.