Owning a business is like having another child. And just like parenting, sometimes it can be hard to objectively evaluate the merits of certain aspects of your company, especially when it comes to employee benefits. If you’re looking to step up your compensation game, you’re probably asking yourself the following:
How can I help maximize employee participation in our 401(k) program?
Inspiring your employees to contribute to a 401(k) plan requires more than just setting one up. Many employees don’t understand the benefit of saving for retirement or how a 401(k) can change their future. As a result, enrollment and contributions remain low, increasing employee stress in retirement planning and decreasing job loyalty.
That’s where we come in.
Through on-site employee education days and engaging campaigns, we’ll help communicate the value of contributing in a way that motivates your people to actually do it. In return, you’ll get more satisfied employees and increased job loyalty.
Can I maintain the same lifestyle now that my spouse is gone?
Yes! While we don’t provide such benefits in-house, we work with one of our trusted TFS partners to ensure your entire benefits picture is covered.
How do I reduce my legal liability?
If you are the retirement plan trustee (usually the business owner), you have a fiduciary obligation to meet for your employees. Is your plan properly diversified? Are you documenting your process properly? Is your plan administrator acting in the best interest of your employees? Answering these questions is difficult, but as the plan trustee, you are legally obligated to resolve them.
The easiest way to reduce your liability is to put it on someone else. So that’s what we do.
As part of our 401(k) retirement planning, we do the following:
Accept the responsibility of running your 401(k) plan correctly (through a TFS partner), allowing you to focus on running your business,
Create a plan that provides you with an ERISA 3(38) co-fiduciary that can help you navigate your 401(k) plan duties
Provide a checklist to help you avoid missing any of your fiduciary duties.
How do I ease the administrative burden of plan management?
A lot goes into managing a company’s retirement plan. While you will still need to be involved, a good financial advisor will shoulder many of the responsibilities of managing your plan.
At TFS, we:
- continually monitor the plan for the participants,
- educate both the employees and the plan sponsor, and
- provide advice and support as needed.
If your current advisor is leaving that burden on you, give us a call and see how we can help make your life easier.