Q: What types of corporate retirement plans can my company offer?
A: As a business owner, you have multiple options when it comes to corporate retirement plans. Common types include 401(k) plans, profit-sharing plans, SIMPLE IRAs, SEP IRAs, and cash balance plans. The right choice depends on your company’s size, cash flow, employee demographics, and long-term goals. A well-designed corporate retirement plan not only helps attract and retain talent but also supports your fiduciary responsibilities as a plan sponsor.

Q: How do I choose the best corporate retirement plan for my employees and my company?
A: Choosing the right corporate retirement plan involves several key factors: the number of employees, their age and salary profiles, your company’s contribution capacity, ease of administration, and compliance obligations. You should also evaluate services provided, investment options, and costs. A qualified advisor can help benchmark your existing plan fees, compare service models, and propose the appropriate fit based on your business’s unique needs.

Q: What are the costs associated with corporate retirement plans?
A: Corporate retirement plan costs may include investment fees, administrative expenses, trustee and/or custodian fees, and advisor compensation. It’s important to understand that the lowest cost isn’t always best for employees — what matters is if the fees are reasonable relative to services provided and the value offered to plan participants. As a plan sponsor, you should know and document your plan expenses at least every three years to meet regulatory expectations.

Q: What fiduciary responsibilities does a corporate retirement plan sponsor have?
A: If you sponsor a corporate retirement plan, you may act as a fiduciary under ERISA when you make decisions for the plan (such as selecting investment options or monitoring investment performance). This means you are obligated to act in the best interest of plan participants and their beneficiaries. Documenting your process, defining roles (e.g., committee members, trustees, fiduciaries), and maintaining oversight can help fulfill these responsibilities and help manage fiduciary risk.

Q: How can better investment options potentially improve participant outcomes in a corporate retirement plan?
A: The investment lineup inside a corporate retirement plan plays a significant role in retirement readiness for participants. A clear process for selecting, monitoring, and replacing investment options is important. By offering carefully considered investments, educating participants, and implementing a repeatable investment-governance process, a business can support retirement readiness for employees and help fulfill fiduciary obligations.

Q: How does offering a corporate retirement plan help my company attract and retain talent?
A: In today’s job market, a well-structured corporate retirement plan is an attractive benefit for employees. It signals your company values long-term financial wellness and supports employees’ future retirement goals. Offering such a plan may differentiate your organization when recruiting, contribute to morale, reduce turnover, and support employee engagement — especially when the plan is clearly communicated and effectively managed.

Q: What services should I expect from a retirement-plan advisor for my business?
A: When engaging an advisor for your corporate retirement plan, you should receive a full-service model that includes plan benchmarking, investment review, fee analysis, fiduciary governance support, participant education, and ongoing oversight. It’s helpful when the advisor presents a clear annual calendar of services, meets regularly with the plan committee and/or sponsor, and ensures your plan is aligned with best practices and compliance requirements.

Q: Can I get a no-cost review of my current corporate retirement plan?
A: Yes — We offer a complimentary plan review made up of a detailed analysis, including measurement against national benchmark data, fee analysis, and investment screening.  This can help assess your existing corporate retirement plan’s design, fees, investment options, service model and compliance status. This may be a helpful first step if you’re unsure whether your plan is optimized for your employees and your company’s goals. The scope and depth of any review may vary.