Thursday 9 November 2017
By Terrance Power04:46Multiple Employer Plan, Retirement Plan Solution, Retirement Plans
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Multiple Employer Plans Grabbing More Attention
A concerted effort in Washington to get more
employers to offer retirement
plans has raised the
profile of multiple employer plans, a largely untapped market for institutional
money managers and other service providers.
Unlike multi employer plans, which serve
employers in a specific industry and are typically collectively bargained and
managed, a multiple
employer plan is adopted by
two or more unrelated employers that do not want the administrative burdens and
fiduciary responsibilities of sponsoring a plan themselves.
The three types of MEPs are those sponsored by
a professional employer organization such as an employee leasing company, which
can offer it to clients; by a trade group for its members; or “open” MEPs
co-sponsored by employers with no business connection.
Some MEPs are several decades old, with the
concept well established among professional organizations and associations as
well as large corporations with numerous subsidiaries. It has not, however,
taken off with small and midsize firms. That's because there has been a lack of
guidance or sometimes conflicting guidance from the Internal Revenue Service,
which has authority over the tax status of retirement plans, and the Department
of Labor, which enforces the participant protections of the Employee Retirement
Income Security Act. The Labor Department has reservations about open MEPs in
particular.
Now, with four legislative proposals making
the rounds on Capitol Hill to help clear up the confusion and make it easier to
form multiple plans, “it's going to help conquer what I consider the last
frontier,” said Edward Ferrigno, vice president for Washington affairs for the
Plan Sponsor Council of America. Read More…
Monday 25 September 2017
By Terrance Power03:11401k Outsourcing, Multiple Employer Plan, Retirement Plan Solutions
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Our Clients Can Tell Our Story Better Than We Can!
“The Platinum 401k is a first class
organization consisting of a great team of subject experts willing to go the
extra mile. We are extremely satisfied with their service.” Smokey
Bones Restaurants
“We have been
with The Platinum 401k since 2011, and it has been a great experience!” Dytran
Instruments, Inc.
“When it comes to
administering retirement plans these days, you want The Platinum 401k on your
side to help you be fully compliant with all the new 401k plan regulations.” Lanier Upshaw, Inc.
“The Platinum
401k gives us the ability to focus on running our business rather than our retirement plan solutions.” Freestyle Pools & Spas, Inc.
The Next Steps?
We’re going to Need Some Information about Your Current Plan:
We will need to
gather information about your current retirement plan to help insure that the
plan has been operated in accordance with IRS and ERISA regulations. This
review takes just a few days once we have received your information. Once the
plan has been approved for transfer into The Platinum 401k program, we will
jointly establish a plan design review and pre-enrollment meeting scheduling
with your internal human resources or employee benefits team members.
To join The
Platinum 401k program as an adopting employer, contact your investment advisor
or call us at 800.585.7540. You can
also email us at Info@ThePlatinum401k.com.
Monday 28 August 2017
Platinum 401k Adds Hartford Lifetime Income Option to MEP
The Platinum 401k multiple employer plan program will now include a retirement income option from The Hartford.
The Platinum 401k multiple employer plan (MEP) allows plan sponsors to eliminate their annual plan audit, Form 5500 filings, trustee-level liability, and investment fund selection responsibility. It features investment products from Great-West Retirement Services, John Hancock, and The Hartford.
"We've seen a growing interest
from employers who are seeking income protection for their employees in
retirement", said Terrance Power, President of American Pension Services.
"The Hartford's new Lifetime Income program addresses that demand in the
marketplace."
Thursday 27 July 2017
By Terrance Power05:34401k Outsourcing, Multiple Employer Plan, Retirement Plan Solution
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A Plan for Retirement
A qualified retirement
plan is a popular savings tool that millions of
Americans use to help prepare for retirement.
An example of this is a 401(k) plan.
Employees in this type of plan make pre-tax contributions to their retirement
plan accounts through automatic deductions from their paychecks. Over time,
savings may grow, helping you prepare for retirement. Your qualified retirement
plan can provide you with a number of savings advantages, such as the potential
for reduced taxes, the ability to take advantage of compound earnings and more.
And
why is it important?
This plan has been set up by your employer. By
participating in your company’s retirement plan, you’ll be able to take greater
control of your financial future. You’ll also be able to take advantage of some
attractive benefits the plan offers.
The
potential to pay less in taxes
The more you contribute to your plan, the
larger your retirement savings (and tax savings) may be.
Each 401(k) dollar you contribute to your
retirement plan is taken from your paycheck before taxes are applied. This may
lower your taxable income. It might even put you in a lower tax bracket.
The earnings on contributions to your plan
grow tax-deferred until withdrawn. And since you may be in a lower tax bracket
in retirement, you might pay less tax when the money is withdrawn than if you
were taxed today.
Monday 19 June 2017
By Terrance Power05:41401k Outsourcing, Multiple Employer Plans, Retirement Plan Management, Retirement Plan Solution, Retirement Plan Solutions
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What Makes Us So Unique? There Are a Lot of Reasons
The
decision to outsource your retirement plan to experienced industry
professionals should be pretty straightforward. Either you want to retain total
flexibility and responsibility (and liability) for plan oversight, or you’ve
decided you would rather hand off almost all of the fiduciary duties and
liability to a third party. Once that decision has been made, the next decision
– who best to take over these duties – is equally important. We think this is
where we have a huge advantage over the rest of the industry.
The
Platinum 401K is unique in its ability to have brought the first multi-provider
solution to the 401k Outsourcing marketplace. Our annual recurring plan revenue
– which is fully disclosed in the personalized proposal we generate for your
plan – is identical regardless of which provider is selected. We also rebate
back all recurring “revenue sharing” as a credit against our annual asset based
compensation fees. This strategy lowers your costs and increases your plan
returns. Where it’s contractually possible, we will simply carve out” all
revenue sharing fees completely. Your custom plan proposals will provide complete
details and additional information that you should read carefully.
We
were also the first program of our type in the country to utilize a
CEFEX-Certified 3(38) Investment Manager on a multiple employer plan of this type. The Centre for Fiduciary
Excellence (CEFEX) is an independent global assessment and certification
organization. They work closely with investment fiduciaries and industry
experts to provide comprehensive assessment programs to improve risk management
for institutional and retail investors. CEFEX
certification helps determine the trustworthiness of investment
fiduciaries. This is an important point of differentiation that you and your
employees need to fully appreciate. The annual CEFEX audit of fiduciary
practices of the Investment Manager provides a high level of confidence and
protection for the plan and the participants.
Finally,
we are industry leaders in terms of both experience and expertise in these
types of programs. When the U.S. Department
of Labor’s ERISA Advisory Council sought input on Outsourcing Employee
Benefit Plan Services in 2014, The Platinum 401k CEO Terrance
Power was asked to provide expert testimony before the group in
Washington, D.C.
The
findings of the Council have already led
to several bipartisan legislative proposals in Congress that are expected
to greatly expand the availability and benefits of these types of programs across
the country.
We
look forward to continuing to work with our supporters and friends in
Washington to help broaden retirement plan coverage for working Americans. Read More…