IS YOUR 401(ok)?
In order to attract and retain great employees, many companies now include retirement plans as part of their employee benefits package. If you already have a retirement plan, or are thinking about instituting one, Spectra Management can help. Spectra Management’s retirement specialists consistently monitor and provide suggestions that align your plan design with your company’s goals. This is the perfect time to look at retirement plans. Recent legislation now allows companies to dramatically increase funding levels without drastic changes to existing retirement plans. New provisions, like the ROTH 401(k), can increase participation, thereby allowing HCEs and business owners to defer higher limits. So, if you haven’t reviewed your plan within the past year, it’s time to get Spectra Management involved.
401(k) TIMELINE
Spectra Management has a team of specialists that understands the challenges such as testing, participation and overall plan expenses facing plan sponsors. We bring experience and expertise to help reduce exposure to compliance issues to the plan sponsor as well as the specific products and investment education necessary to keep your employees informed and involved with their retirement assets.
As your advisor we are committed to education and training to provide your employees comfort and knowledge about the overall market with specific investment portfolio recommendations. We provide on-site employee enrollment meetings and ongoing educational workshops on a semi-annual basis or at your request. We will assist you in your annual plan review for specific investment selection and provide due diligence to ensure the most comprehensive and cost effective plan for your company.
Here’s what Spectra Management can do for you:
-Annual plan review and due diligence process as part of 404(c) compliance.
-Ongoing compliance and legislative updates.
-Support in creating and ongoing development of your Investment Policy Statement (IPS).
-Plan designs that reward and can maximize contributions for owners or key employees.
-Automatic enrollment is the largest growing trend in the retirement market. If you haven’t adopted this feature in your plan, it’s time to
discuss how this could help.
Employee Communication
By offering a retirement plan, you add to your company’s value. A retirement plan creates a high level of employee appreciation, helps retain valuable employees and makes recruiting new, high-caliber personnel easier. Spectra Management’s retirement specialists bring value and meaning to your company’s plan. This helps satisfy 404(c) requirements concerning education and brings purpose and meaning to your employees’ retirement assets. We assist your employees to set expectations and build a portfolio for their future well being.
-“Investment Views” quarterly newsletter.
-Semi-annual one-on-one onsite meetings with 401(k) participants to review accounts, enroll new employees or discuss personal portfolios as
part of 404(c) compliance.
-Customized enrollment and Web site containing SPD, enrollment forms and e-mail introduction to the plan.
-Automatic enrollment communication prepared for each client if elected.
Investment Expertise, Performance and Plan Expenses
As your company grows, your 401(k) needs may change. Spectra Management recognizes this, and as a result, we offer the following services:
-Benchmarking and fund review including style box or investment selection matrix.
-Complete transparency and disclosure of internal and external fees.
-Annual plan review. As your plan grows, there may be more cost-effective retirement solutions. So, Spectra Management offers possible
alternatives each year.
