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Fiduciary Outsourcing

5 Reasons you need a 401k Check-up

5 Reasons you need a 401k Check-up

We get it.  As a business owner, you work hard to grow your company and do not need another thing on your plate.  Yet, the reality is your 401k could become a liability instead of an asset if not properly managed. 

Congratulations, you are a 401k Fiduciary!

Congratulations, you are a 401k Fiduciary!

401k Plan Sponsors have a fiduciary duty to manage their 401k for the benefit of their employees.  Most employers want to do it right, yet in 2016 alone the Employee Benefits Security Administration closed 2,002 civil investigations resulting in 1,356 monetary outcomes totaling more than $777.5 million.*

There is Strength in Numbers

There is Strength in Numbers

Six8 created our Multiple Employer 401k, powered by Pentegra, to provide large plan benefits in a small -company package.

Retirement Plan Solutions that Save Time, Money, and Reduce Burdens

Retirement Plan Solutions that Save Time, Money, and Reduce Burdens

Multiple Employer Plans (MEPs) are one of the most cost effective and efficient ways to sponsor a retirement plan. MEPs offer economies of scale that make it affordable for employers to outsource the plan’s principal fiduciary roles and simplify and streamline plan administration

Everybody needs a check-up

Everybody needs a check-up

We are proud to introduce a new service for 401k plan sponsors.  Our 401k check-up is a one-time consulting engagement designed to help you identify issues and opportunities within your 401k plan. 

Video: What is a Multiple Employer Plan?

Video: What is a Multiple Employer Plan?

Learn more about how a Multiple Employer Plan (MEP) can provide you with a simpler, safer, and more cost effective retirement plan solution.  The MEP allows you to outsource fiduciary responsibility and liability for your plan while minimizing plan administration and associated paperwork.  Employees benefit from a high quality retirement plan and professional plan management along with access to cost effective options while maintaining flexibility regarding contributions and plan provisions.  Click anywhere on the image below to view a short overview.

Building a Successful Retirement Plan - Part 4:  Fiduciary Outsourcing

Building a Successful Retirement Plan - Part 4: Fiduciary Outsourcing

Outsourcing to professional fiduciaries can help plan sponsors limit liability for investment selection, plan administration and other key plan duties.  The key to outsourcing is to understand what duties a plan sponsor is comfortable keeping in-house and what duties can and should be transitioned to a professional fiduciary. 

Building a Successful Retirement Plan - Part 3:  The Investments

Building a Successful Retirement Plan - Part 3: The Investments

A plan’s investment lineup can have a dramatic impact not only on the cost of a plan, but can influence retirement outcomes.  Failure to manage fund selection and fund expenses can not only lead to poor performance, but can sometimes create a rift, or even legal issues between plan sponsor and participants.  Just like plan management, the investment choices within a retirement program cannot be ignored, but must be managed and updated over time.  Plan sponsors cannot assume that if nobody is complaining everything must be okay. 

Building a Successful Retirement Plan - Part 2: Plan Design & Plan Management

Building a Successful Retirement Plan - Part 2: Plan Design & Plan Management

Before we can talk about retirement readiness, executive compensation, recruiting and retaining employees, your plan must meet all the required regulations and strive to implement best practices in the areas of recordkeeping, administration and plan design.  Additionally, your plan must be designed to accomplish the goals for your organization.  Your purpose for your plan will determine the features and options that are established in your plan document for the benefit of your participants.

Building a Successful Retirement Plan - Part 1: Getting Started

Building a Successful Retirement Plan - Part 1: Getting Started

As a retirement plan advisor, our job is to help employers to make their retirement plan successful.  Companies define success in different ways, but the first step in any engagement is for us understand what employers hope to accomplish with a retirement program. 

Is Your 401k Successful?

Is Your 401k Successful?

In our first meeting with potential 401k clients we always ask this question and often get answers ranging from blank stares to “I’m not sure what you mean”.  In the small to mid-sized employer market this question can be tough, often because the 401k is handled by someone with another job, be it a CFO, Controller, HR person, Owner, etc.  Not having a great answer is understandable because the 401k is not something you think about that often.  You already have a day job, and “success” can mean many things, but here are a couple of things that are important to every 401k program.

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401(k) Administrative Outsourcing

401(k) Administrative Outsourcing

In our last blog about fiduciary outsourcing, we addressed the roles investment fiduciaries.  Today we are going to discuss administrative judiciaries.  While the investments line-up gets all the press, one of the more complex thing about a 401k plan is the rules and regulations regarding documents, disclosures, participation requirements, education, and so on

Road Tripping with 401(k) Investment Fiduciaries

Road Tripping with 401(k) Investment Fiduciaries

Let’s just put it on the table…  As a business owner and plan sponsor, you are a fiduciary to your retirement plan.  Plain & Simple.  You have a responsibility to manage your plan to the best interest of the participants.   Plan Sponsors have fiduciary responsibilities and obligations under the Employee Retirement Income Security Act (ERISA), and Fiduciaries are subject to standards of conduct and have important responsibilities that include:

The Winds of Change

The Winds of Change

You may or may not have heard of the recently announced rules, scheduled to take effect in 2017, that impact retirement plan advisors.  While there is still some uncertainty about how the rules will be implemented and the implementation could vary from firm to firm, what we do know is that the intent or the rule is for retirement plan advisors to act in a fiduciary capacity.  So what is a fiduciary?  A fiduciary is someone that does what is in the best interest of another, regardless of the impact to themselves.  A fiduciary should avoid conflicts of interest.