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…