Retirement Planning for Businesses

The following is an example of retirement planning for businesses:

We are contacted by a business that needs help with its company 401(k) plan. There are inconsistencies in record keeping, and employee participation is very low. There are also some inefficiencies in how it is paying for services, and upon further investigation, we learn that not all of the services it is promised are being delivered, resulting in it spending thousands of unnecessary dollars. Additionally, its payroll is inefficient and inconsistent.

We learned that their goals are to:

  • Organize their records
  • Increase employee participation in the 401(k) plan
  • Ensure that all services being paid for are being delivered
  • Maintain efficient and consistent payroll for their offices across multiple locations
  • Become more educated and fully understand their fiduciary responsibility with a documentable process in place

The solutions we can help provide to this company are:

  • Conduct an RFP, fee, and fund benchmarking analysis
  • Present vendor proposals and assist the committee in making a vendor selection
  • Assist with transition to the chosen vendor that delivers all of the services promised with their retirement plan platform
  • Provide documentation for the due diligence process and a description of the services and fee savings with the new provider
  • Schedule regular education to employees by the vendor on the benefits of 401(k)s and help them save for their own retirement
  • Oversight of the provider service delivery and help with the integration of their payroll so they are able to operate more efficiently and effectively

The preceding is a hypothetical case study and is for illustrative purposes only. Actual performance and results will vary. This study does not represent actual clients but a hypothetical composite of various client experiences and issues. Any resemblance to actual people or situations is purely coincidental. This case study does not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted.