Small Business Retirement Plan Management

The proper development and maintenance of a retirement plan can be one of the most important benefits you offer.  Next to health insurance, a retirement plan is one of the most desired benefits sought by employees.  Whether you offer a 401(k) or a SIMPLE Plan, a Defined Benefit Pension Plan or an ESOP, compliance and thorough communications are vital to your plan's success.  

How do you know if your plan is successful? An increasingly important measurement includes a conversion of retirement account balances into monthly incomes at retirement.  A true pension is rare.  Nonetheless, most of us think in terms of monthly incomes when we make plans for the future.  You can help your employees, and potentially reduce your liability if you proactively inform them of their progress toward a meaningful retirement.  We believe this is among the best tools you can use to encourage successful savings.

How do you know if your plan is fully compliant?  Ideally, your plan's contract administrator will tell you the state of many matters of compliance.  Beware of those items that they do not provide in the normal course of their services.  Review their contract with you - or have a qualified professional review it for you.  Discuss the services they provide in light of current law (which changes all too frequently).  A qualified, professional consultant to the plan is essential for the Plan Sponsor's understanding and effective management of their fiduciary obligations.