We can help you choose, implement, and maintain your retirement plan. For smaller firms or firms with intermittent cash flows we can help you decide on the type of tax advantaged plan.
For firms that are able to establish a Qualified Pension Plan we provide Full Compliance Low Cost Options that enable Plan Trustees to meet their Fiduciary Responsibilities with confidence. Our approach can assure you that you will have the lowest cost, best performing investment options available in the market. There are a wide variety of Qualified Pension Plans, which include Defined Contribution Plans, such as 401(k) or 403(b) plans, as well as other profit sharing arrangements like Select Comparability or Age-Weighted Designs. Moreover, for some firms, a Defined Benefit plan, may make more sense. We can also help you design a Non-Qualified Plan for Key Employees.
Our independence enables us to work with virtually any custodians, retirement plan administrators, and record keepers. Annual reviews ensure that you are obtaining excellent service at reasonable prices. Many of the service providers with whom we work can also help you with other employee benefits, including payroll services.
We help provide everything an employer needs to establish and maintain a qualified retirement plan, including:
- Plan design
- Investment policy statements and regular investment reviews
- Ongoing and regular employee education and information
- Low cost investment options, including index funds and exchange traded funds
- Managed funds based on the track record of the manager, not the brand name of the fund
- Annual due diligence on plan operations, fees, and investments
- Open access to plan participants
- Full disclosure of all fees from all parties
When it comes to deferring compensation and saving for retirement, employers have many different choices.
Friedland Financial Planning will help sort through the options so you can make the best choice for your employees.
Qualified plans, or pension plans, can either be a Defined Contribution plan in which the employer defines what they are going to contribute; or a Defined Benefit plan in which the employer defines what the benefit is going to be. Cash Balance plans are Defined Benefit Plans with Defined Contribution characteristics. For different firms each approach has advantages. More employers, however, will find a Defined Contribution plan to be the right choice, but then this means choosing either a Safe Harbor 401(k) plan, a 403(b) plan, or a Profit-Sharing Plan. But in some cases it will make more sense to organize a Select Comparability Plan or a Age Weighted plan.
For single person enterprises, firms with few employees, or firms whose cash-flow is not steady, a Qualified Retirement Plan is not likely to make sense. But saving for retirement still does. For these employers there are a variety of options, including Simplified Employee Plans or SEPs, or a Savings Incentive Match Plan for Employees, better known as a SIMPLE plan. This could be a SIMPLE IRA or a SIMPLE 401(k). We will work with you to help you understand your options and direct you towards appropriate service providers.
We’ll Assess Your Plan
We can also undertake the due diligence necessary to provide an assessment of your current plan by evaluating the costs and services and seeing whether or not the investment choices are consistent with your plan’s Investment Policy Statement. If your plan does not have an Investment Policy Statement, we can help you prepare one.
If you are an employer who current offers a Qualified Retirement Plan, then you are likely to be the Trustee for that Plan. Plan Trustees are obligated by federal law to undertake a number of safeguards on behalf of plan participants. This includes making sure all costs are known and known to be reasonable, providing adequate investment education to plan participants, and ensuring that plan participants can effectively diversity their investments.
As the Plan Trustee, these are activities you must either do or oversee. As an Accredited Investment Fiduciary® we can take on the fiduciary responsibility that, in effect, helps you comply with your legal responsibilities.