You want the best retirement plan for your employees and your company. As a small business, you don’t have the buying power that the largest companies have, but you can. It’s called a multiple-employer plan.
With a multi-employer plan, you join your company’s plan with those of other companies to form a much larger plan. By doing this, you get a simpler, safer, more cost-effective program with less effort. Here’s how it works.
Professional administrators oversee the plan and accept legal responsibility and accountability for doing so. This means your name comes off the legal documents, allowing you to outsource the fiduciary responsibility and liability for the management of your plan. A group plan streamlines plan management with a single plan document. Plan administration and paperwork are dramatically minimized. That means you’re left with a much smaller set of chores and responsibilities. You save time and labor—two of your most precious resources—so you can spend more of your time running your business.
Your employees get the benefit of a high-quality retirement program complete with professional investment management and access to the most cost-effective investment options, normally only available to the largest companies.
This doesn’t mean you give up control of your plan as it currently exists. You still have the flexibility to set the provisions of your plan, including how much you contribute. Your advisor can spend less of their time on compliance and fiduciary issues and more time focused on helping you and your valued employees achieve your financial goals and retirement readiness.
We understand you have a lot of priorities, but this is important. If you have any questions or want to learn more, reach out to us today and let us show you how we can help you deliver a more successful retirement plan. We look forward to hearing from you soon.