tomorrows k overview3
TRANSCRIPT
Tomorrows K: The Complete 401(k) Plan Solution
July 11, 2012
• Traditional 401k Plans: Comparison with other Employee Benefit plans
• What is Tomorrows K?
• Program Structure
• Questions?
Agenda
If a company decides to provide an employee benefit (example: health insurance), what does the company do?
The 3 steps above are essential for an employer “sponsoring” (providing a benefit for) an employee health insurance plan.
How about “Sponsoring” a 401k Employee Benefit?
Select an insurance company and benefit level (deduc6bles, co-‐pays, plan type, etc.)
Decide how much the company will contribute and how much employees will contribute to total health insurance cost (premium) amount
Pay total premium bill to insurance company , a?er deduc6ng employee contribu6ons from their paycheck
Tradi&onal 401k Plan as an Employee Benefit – What does “Sponsoring” a 401k plan really involve?
• A 401k plan, administered and overseen by a professional fiduciary, run jointly for multiple companies in order to allow the companies to run their 401k plan like any other employee benefit
• A way of running 401k plans most commonly used by Trade Associations or Chambers of Commerce to provide a low cost solution for their members – representing 5% of all 401k plans nationally
What is Tomorrows K?
NAMED FIDUCIARY The Employer’s Fiduciary Solution (EFS) provides Fiduciary consulting services to large and small employers. EFS serves as Named Fiduciary and Trustee, and is responsible for both investment and operational oversight of Tomorrows K. EFS was founded by Matthew Fields, Registered Investment Advisor, CPA, Attorney, and MBA.
PLAN CUSTODIAN Tomorrows K Retirement Plan investments are held at Mid-Atlantic Capital Group, a specialty custody, brokerage and trade processing firm with over $40 Billion in combined assets.
RECORDKEEPER/THIRD PARTY ADMINISTRATOR 401(k) Plan Administration is provided by Summit Benefit Solutions, a firm founded in 1999 . They provide 5500 preparation, comprehensive compliance services, and participant services .
INVESTMENT FIDUCIARY Investment Fiduciary services are provided by Revolution Financial, a fee-based Registered Investment Advisory firm founded by Cliff Hetzel, MBA and Accredited Investment Fiduciary (AIF).
PLAN ADMINISTRATOR Allen Plan Administrators (APA) is the Plan Administrator for Tomorrows K. Founded by a former broker-dealer chief compliance officer and human resource consultant, APA focuses solely on Retirement Plan Administrative and Compliance services.
EMPLOYEE SERVICES Centerpoint Stewardship provides
Why is Tomorrows K Better?
1) We run the Plan and assume complete Fiduciary responsibility for plan opera&on, plan investments, and plan legal oversight
2) We are the Named Fiduciary, the highest level of possible responsibility outsourcing
3) We allow you to run your re&rement plan like your other employee benefits
Questions?