Qualified plans like the 401(k) plan or a traditional pension plan have long been the keystone in many Americans’ retirement savings plan. As a business owner, you likely offer or have considered offering a qualified retirement plan to your employees. You may not be sure if you are offering the right plan with the right design and maximized benefits. Furthermore, you may be unaware of the responsibilities and risks you assume as a plan sponsor.
Qualified retirement plans provide benefits to both employers and employees by creating a dedicated account for retirement savings and the potential for tax deductions and deferrals. However, these plans are highly regulated and can get you into hot water with the IRS or Department of Labor if not properly managed. Many well-meaning financial professionals run afoul of plan rules and business owners are often too busy keeping their business operating smoothly to run the company retirement plan as well.
Before we continue, consider these questions as they relate to your company’s retirement plan:
Do I understand my fiduciary responsibilities related to my plan’s investment options?
Have I mitigated this risk?
Does my plan have a qualified default investment alternative?
Do I understand my fiduciary responsibilities related to my plan’s administration?
Have I mitigated this risk?
Do I have a process in place to ensure that the plan is running smoothly?
Do I understand the potential tax benefits of my plan?
Have I optimized my plan to reduce the amount of tax I will pay both now and in the future?
Our experienced team works as your trusted partner to provide a full suite of services to your qualified plan. From plan design to plan service, we ensure that your plan is an asset, not a liability.
We provide ongoing fiduciary consulting, investment committee management, assistance with investment policy statements, and regulatory updates and compliance.
We provide quarterly investment reporting and performance measurement, asset allocation strategies, investment due diligence, and regular market updates.
We assist with employer match/profit sharing strategies, defined benefit and guaranteed income solutions, ERISA 404(c) guidance, plan document review, and executive benefit analysis.
We provide vendor due diligence, total cost analysis, and vendor benchmarking. We also engage in contract, fee, and service consulting for vendor selection.
We provide employee education (virtual and onsite), financial wellness, group enrollment, and one-on-one advice.
Whether you have an established retirement plan for your company, or are just starting out, our experienced team of retirement specialists will guide you through a process refined by more than four decades of experience. We will gain an understanding of your business and personal goals for your company and develop a plan moving forward based on your unique needs. From plan design to implementation to plan servicing, our team will educate and guide you each step of the way.
Our plan design review process helps to minimize your current and future taxes to the fullest extent possible. With the proper plan design in place, we will help you evaluate vendors and investment solutions to find the best fit for your plan. Our plan service model ensures that your employees are confident in their retirement plan while reducing your administrative burden and potential fiduciary risks. Working Consolidated Planning’s retirement team helps to create maximum tax savings with minimum headache.