401k & Qualified Retirement Plans
Fiduciary Plan PartnersTM assists with the major components of a 401K:
1. Plan Design:
One of the most important, but often overlooked, driver of 401(K) success is plan design. After discussing which aspects of the corporate retirement plan are most important to ownership / investment committees, Fiduciary Plan PartnersTM helps plan sponsors implement customized 401(K) plan design features. We are able to utilize matching and profit-sharing formulas that allow key employees and ownership to “max-out” their contributions. Defined benefit pension plans can increase partners’ qualified plan deductions and create a future income stream in retirement that is protected from current and future creditors. Our goal is to complete an in-depth analysis of the plan’s current design to determine if it is maximizing potential benefits.
2. Choice Of Record-keeper / Administrator:
Not all record-keepers are created equally. Often, plan participants are paying for services that are never taken advantage of in which a lower cost, advisor service driven vendor would make more sense. The defined contribution plan marketplace has become more and more competitive and what was deemed “reasonable” for plan record-keeping services five years ago may now seem comparatively expensive. We very often see an asset-based fee structure in the retirement plan space which, if allowable, should be changed to a per-participant formula.
3. Plan Investment Advice:
There are endless investment options available to 401(K) plans. Group annuity contracts, mutual funds, ETFs, collective investment trusts and the list goes on. There are also thousands of investments that replicate the same asset class utilizing a passive or active investment philosophy. Fiduciary Plan PartnersTM attempts to simplify what can seem like an daunting and burdensome task of maintaining an investment lineup. By utilizing our own review software, we are able to provide plan sponsors with ongoing and documented investment advice with metrics specific to the 401(K) industry.