For Business Owners

Your Business Matters

As the decision-maker for the company, you can impact the retirement savings of hundreds or even thousands of employees.

As the decision-maker for the company, you can impact the retirement savings of hundreds or even thousands of employees.The choice to offer a retirement plan is impactful and provides many benefits both to you as a plan sponsor and to your employees as participants in the plan.  Offering a retirement plan can allow you the opportunity to take advantage of tax opportunities and to motivate employees – both prospective employees and current employees. 

The Employee Retirement Income Security Act, as amended (ERISA) requires that the decisions you make affecting the management and administration of the retirement plan be made prudently and solely in the interest of the plan’s participants.  ERISA requires expertise in a variety of areas including, selection and monitoring of investments; administration; and selection and monitoring of service providers. 

Fortunately, we are here to help!

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How We Help

How We Help

We are YOUR Business Retirement Plan Specialist, more specifically YOUR 401(k) Specialist, and we are exclusively dedicated to equipping you with a custom plan to enhance the vision for your business. We utilize our specialized knowledge and cutting-edge technology to create vital success in a dynamic marketplace, in order to ensure a secure retirement for hardworking Americans through a Business Retirement Plan, such as a 401(k) savings vehicle.

We assist you in your fiduciary obligations of properly
allocating and delegating responsibilities through
a plan committee and across the plan’s service providers which can improve employee retention, company growth, tax deductions and more. With Healthy Wealth Management, you and your employees can have a custom Business Retirement Plan promptly, and enjoy the rewards for years to come!

Plan Fiduciaries

  • Meet annually -at a minimum
  • Maintain a due diligence file with notes, minutes, agenda and documentation of decisions
  • Ensure that all fiduciaries are aware of their responsibilities under ERISA and that the investment fiduciaries are appointed in accordance with plan and trust documents
  • Ensure that all eligible employees are included and that the plan collects and invests employee deferrals ina timely manner
  • Ensure that the fidelity bond covers at least 10% of plan assets and that fiduciaries are carrying liability insurance to protect business and personal assets (if applicable)
  • Review costs and understand all services provided -e.g., investment manager, fund companies and fees, plan administrator, advisors, consultants, etc.

Plan Investments

  • Put the investment policy in writing
  • Ensure the plan is adhering to the broad range requirement -e.g., stable value, bonds, mid/small/large cap equities and international…at a minimum (when applicable)
  • Review the investments annually -at a minimum compared to peer groups and appropriate indexes over 1-, 3-, 5-, and 10-year periods -per the Investment Policy Statement (IPS)
  • Document the review and discussion about placing funds on a watch list, or removal -per the procedures in the IPS
  • Ensure that the menu minimizes stock overlap

Communication

  • Review employee enrollment programs and participation rates
  • Measure participant understanding and address their needs accordingly
  • Provide easy-to-use tools and asset allocation models to enhance their knowledge

Compliance with ERISA 404(c) (when applicable)

Provide participants with:

  • Summary Plan Description notifying them of….
    • Their ability to direct their own investments
    • Your intention to comply with ERISA 404(c)
    • Name, address and phone number of fiduciary responsible for providing information upon request
  • Information about each investment option in the plan
  • Access to information regarding investment concepts -e.g., types of investments, risk/return, impact of time horizon, etc. -at least annually
  • Provide the IRS and DOL with….
  • Annual Form 5500 indicating the plan’s intention to comply with 404(c)
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We assist you in having an exam-ready fiduciary file to avoid and streamline DOL investigations or IRS audits. Your file could include the following:

Investments

Investments

Investment Policy Statement (IPS)
Copy of IPS
Reporting
 • Investment Selections and Monitoring Reports
 • Model Portfolio Allocation and Performance Reports
 • Other Investment Reports and Research
 • 3(38) Investment Fiduciary Selection and Monitoring Material and Reports
Committee Meetings
 • Meeting Minutes
 • Documentation Resulting From Action Items

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Administraton & Reporting

Administraton & Reporting

Plan Documents
 • Plan Document (With Amendments & Restatements)
 • Trust Document
 • Summary Plan Description (SPD)
 • Determination Letter(s)
 • Delegations of Fiduciary Duty
Notices
 • Benefits Statements
 • Notice of right to diversify out of employer securities
 • 404(c); Auto Enrollment/QDIA; 404a-5 (Annual); & Blackout
Bonding & Insurance
 • Copy of: Fidelity Bond; Fiduciary Liability Policy; Etc.
Service Provider Agreements
 • Custodial; Investment Advisor; Recordkeeping; Etc.
Participant Communications
 • Enrollment Records
 • Beneficiary Designations
 • Contribution Elections
 • Employee Meeting Attendee Lists
 • Distribution Records
 • Proof of 404a-5 Notice Distribution
Discrimination Testing
 • Testing Records
Regulatory Filings
 • 5500 & Other Financial Statements & Filings
Committee Meetings
 • Meeting Minutes
 • Documentation Resulting From Action Items

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Service Providers

Service Providers

Plan Needs Analysis
 • Documentation of plan and participant needs
Requests for Proposal (RFP)
 • Compiled Results • Provider Proposals
Fee Disclosure Statements
 • 408(b)(2) Fee Disclosure Reports
Benchmarking & Performance Analysis
 • Benchmarking Reports • Fee & Service Reviews
Committee Meetings
 • Meeting Minutes
 • Documentation Resulting From Action Items

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This information is not intended as authoritative guidance or tax or legal advice. You should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.

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