COMPREHENSIVE EMPLOYER RETIREMENT PLAN SERVICES
For Businesses & Their Employees' Retirement Savings Needs
We find that Plan Sponsors are primarily concerned with 3 main topics:
- Plan fees and investment options.
- Employee education and plan engagement & participation.
- Personal liability of Plan Sponsors and the escalating number of lawsuits for violating fiduciary standards and responsibilities.
Employer Retirement Plan Services
The 401(k), together with other versions of company sponsored retirement plans, have evolved into a key employee recruiting and retention tool. Retirement plans of this variety have become central to employee benefits packages, yet are widely misunderstood by company staff charged with offering and administering these plans, and employees who often struggle to take full advantage of their retirement plan benefits.
These types of plans are regulated according to ERISA (Employee Retirement Income Security Act), and are the focus of two governmental agencies, and sadly the legal community as well. The number of 401k/403b lawsuits has increased 4-fold in the last 2 years, with signs of escalating. Larger company plans have mostly been targeted so far, but smaller plans are certain to join. Not only will companies, found to be deficient in administering plans, suffer damages, but the people considered fiduciaries will be held personally liable.
How We Can Help
- Breakdown legalese of ERISA into easier-to-understand terms.
- Better understand the responsibilities and liabilities, both personal and company, of running a Retirement Plan.
- Clearly define the various roles in running ERISA based plans.
- Steps to properly administering a retirement plan to provide maximum benefit to employees and avoiding liability for the Fiduciaries and the company.
- Execute a step-by-step approach to reviewing a plan to identify any areas of concern and address them properly.
- Help promote engagement from both the HR team and the employees in the retirement plan.
Working in cooperation – Proincome and MillenniuM Investment & Retirement Advisors, LLC – we approach our service objectives with relevant and current facts. Our goal is to raise awareness among plan fiduciaries of the potential liabilities of mistakes in plan implementation and administration, and how to enhance plan performance for the benefit of employees and the company.