New regulations introduced by the Department of Labor are driving big changes in the Retirement Plan market, this includes 401(k), 403(b), and 457 plans. These regulations mandate new requirements for disclosure from service providers to plan sponsors and from plan sponsors to plan participants. They are putting increased pressure on sponsors to ensure that they are upholding the standards of fiduciary care for their plans – particularly as these standards relate to fees.
A retirement plan is one of the most important employee benefits a company can offer. A good plan must be effective and flexible for participants, in order to help them meet their retirement savings objectives, yet simple and efficient for administrators like you. You invest much in time and treasure into your plan and you deserve the best possible plan and service. You must also have advisors who keep you up-to-date on changes in the marketplace, including the ever changing regulatory environment.
Does a vendor's plan include a broad range of investment options? Does it offer auto service features such as auto enrollment, auto increase, or qualified default investment options (some of the provisions of the Pension Protection Act of 2006)?
Is the vendor's installation process smooth and coordinated? Do they offer an effective and ongoing employee communication and education program?
Does the vendor provide ongoing support to help you administer the plan? Are their services designed to help you attract and retain talented employees?
Your employees deserve a retirement plan that may help them improve their retirement readiness.
Wealth Solutions, LLC offers the ongoing service and support you may need to make the most appropriate provider selection, as you may not have the time or experience to manage this process alone.