Retirement plans for your small business

Retirement plans for your small business

Source : https://grbj.com/opinion/guest-column/choosing-the-most-effective-retirement-plans-for-your-small-business/

Choosing the most effective retirement plans for your small business is now easy. For small businesses in Michigan that are searching for retirement plan providers for their employees, streamlining the process and offerings for your team is key — particularly in 2020.

For this purpose, a bundled, full-service retirement plan provider is most effective for small businesses. Instead of tracking down multiple providers to handle different components of the plan, such as investments, benefit administration, fiduciary compliance and employee education, it is more efficient to have one point of contact that is well versed with the entire plan. Bundling a plan together in this way streamlines the process of offering retirement plans to employees, and saves time for everyone involved.

Selecting a high-quality bundled service provider is not just good business it is a legal mandate for retirement plan sponsors. Access to investment expertise is critical to plan success as well as the ability of the provider to include a fund menu with a range of quality offerings. Hiring a provider who is able to assume discretionary investment management services as an ERISA 3(38) Investment Manager is of great value. This arrangement allows the provider to select and monitor the investments held in the plan.

A retirement plan provider should provide comprehensive, yet understandable, employee communication and materials that sufficiently educate employees on the basics of a retirement plan — what it is and what it can do as a necessary savings plan. This plan also should clearly communicate the offerings of each plan within a fund menu. How, and most importantly why, to enroll as well as providing clear information on investments offered in the plan is essential. Good employee educators should be alert to questions received and quickly address issues before an employee feels overwhelmed and, ultimately, takes no action.

Additionally, a professional full-service provider will consult with the sponsor of the plan. Designing the plan to correlate with the employer’s objectives and the desired outcomes is critical. In Michigan, with a high number of manufacturing and service-related jobs, attention to the needs and actions of the employees is important. These industries historically can have higher levels of turnover and it is necessary to have a retirement plan provider who will work with the employer to make sure that employees are saving for retirement (i.e., participating in the plan) and will know the right thing to do with their retirement account balance if they move on to another company in order to keep their retirement savings intact.

Having a partner with the expertise and knowledge to advise the plan sponsor of specific legislation and best practices makes their job easier. Reliance on a professional retirement plan partner and a carefully designed plan will make employees happy, increase employee retention and enhance employee recruitment as a result of offering a plan that’s digestible and readily accessible.

There are, of course, considerations for choosing a retirement plan provider that wouldn’t be the best fit for your company or its employees. A few red flags to be aware of are a retirement plan provider that is not willing to be a fiduciary of the retirement plan and an unwillingness or hesitancy to meet regularly for plan reviews. This also includes providers who are not responsive to a client’s questions or concerns, especially in times of market volatility.

At the end of the day, choosing a retirement plan provider should be at the discretion of your employees’ personal needs, and the needs of your company, as well.

Kathleen Waldron serves as vice president, assistant director of the Retirement Plan Division for Greenleaf Trust. She has more than 25 years of experience, provides leadership to the Retirement Plan Division and manages the plan recordkeeping and administration team.

This Post Has 76 Comments

  1. Jamesglype

    ed drug prices ixduiegb levitra real viagra without a doctor prescription usa

  2. Jamesglype

    is there a generic for viagra dcusogcd sildenafil viagra online canada

  3. Jamesglype

    how often to take 10mg cialis cheap cialis agdvicnp how to get cialis samples

  4. Jamesglype

    viagra cheap xfgkrbgb buy sildenafil viagra over the counter usa 2020

  5. Jamesglype

    viagra online yjefuyuc buy sildenafil is viagra over the counter

  6. LesterRob

    herbal replacement for viagra/cialis/levitra… crlasfpv http://tadedmedz.online/ buy viagra cialis

  7. Jdbxboive

    where to buy viagra in sydney cialis and viagra is viagra over the counter in canada [url=http://llviabest.com/]testimonials of viagra users[/url] ’

  8. Lbgboive

    directions for viagra viagra sale female pink viagra online [url=http://genqpviag.com/]cocaine and viagra[/url] ’

  9. Jdbxboive

    canada pfizer viagra genericx viagra where can i order viagra super forse [url=http://llviabest.com/]paypal viagra[/url] ’

  10. JoshuaBap

    generic sildenafil genericVGR

  11. LouisFup

    medications for ed men’s ed pills
    cheap erectile dysfunction

  12. LouisFup

    best pills for ed online ed pills
    ed pills that really work

  13. Rolandkig

    buy viagra online canada viagra walgreens
    canadian pharmacy generic viagra

  14. Glenndiesy

    terramycin generic order panmycin
    buy fucidin online

  15. Glenndiesy

    flagyl for sale order omnicef
    buy keflex generic

  16. Glenndiesy

    minocycline price buy cleocin
    myambutol generic

  17. Glenndiesy

    order tinidazole online order floxin
    amoxil generic

  18. IPrieple

    arthritis finger splint – female viagra pills Ymto45f
    how do viagra and cialis differ
    gadhafi army given viagra: [url=https://www.withoutbro.com/]viagra generic 100mg[/url]

  19. Richardtog

    daily use cialis cost cialis dosages
    real cialis without a doctor’s prescription

  20. Richardtog

    purchasing cialis on the internet low cost cialis
    high blood pressure and cialis

  21. Richardtog

    cialis 100 mg lowest price how to take cialis
    take cialis with or without food

  22. Richardtog

    daily use of cialis cialis 20 image
    30 mg cialis what happens

  23. Richardtog

    how to take cialis prices of cialis
    purchasing cialis on the internet

  24. Richardtog

    price of cialis what is cialis
    samples of cialis

Leave a Reply