Broker vs. Fiduciary: The differences you must know
For plan sponsors, running a 401(k) plan can be complex and time consuming. Some plan sponsors hire outside advisors to help the plan stay compliant with IRS and ERISA laws. It is crucial to understand the difference between hiring a broker versus hiring a fiduciary. Each has a unique set of regulatory standards governing their […]
Required Minimum Distributions
As the calendar year draws to a close, older plan participants may have to consider taking a required minimum distribution (RMD) from their qualified retirement plan. A required minimum distribution is a withdrawal from a qualified retirement plan for participants who have reached the age of 70½. While many qualified plans have services to notify […]
Innovative Myth Series #11-As a plan sponsor, I shouldn’t consider adding a 3(16) service to my plan.
An existing client had experienced problems with their 401(k) plan audit for several consecutive years due to internal operational issues. The client requested our help in determining whether they should spend the money for a 3(16) service to help improve efficiencies and eliminate some of the operational errors they were experiencing. See how Innovative helped the […]
Innovative Benefit Planning Earns Specialized Advisor Recognition
Our firm was founded on the principles of integrity, professionalism and exceptional client service. We are also deeply committed to continuous improvement. Our dedication to doing what is best for you, our clients, prompted us to engage CEFEX, the Centre for Fiduciary Excellence, LLC to audit our processes. In June of 2019, we contacted the […]
Innovative Myth Series #10: When Transferring Service Providers, There are no Pitfalls, Part 2 – Market Value Adjustments and Fixed Accounts
A new client engaged Innovative after they decided to transfer their current plan to a new service provider. After our initial investment review, we noticed there was an existing Stable Value Fund, which was subject to a market value adjustment (MVA). When an MVA is being applied, a complete fund liquidation may result in a […]
Should you Consider a Safe Harbor Contribution Feature?
Does your organization’s retirement plan frequently refund money to highly compensated employees (HCE)? Do you want to provide a great incentive to your employees to save for retirement and perhaps allow them to retire earlier? Would the owners and highly compensated employees like to save more of their own money? Do your key employees own […]
5 Reasons To Hire the Right Financial Advisor For Your Retirement Plan
As an organization offering a retirement plan to their employees, plan sponsors are faced with decisions that can affect the entire organization. The plan design, investment line-up, and who the recordkeeper will be are typical for all plans. Beyond these standard decisions, there is the issue of knowing and understanding the ERISA laws that govern […]
Innovative Myth Series #9: When Transferring Service Providers, There Are No Pitfalls. Part 1-Protected Benefits
A new client engaged Innovative to transfer their current plan to a new service provider. During the course of our detailed review, we discovered that certain employees had annuity contracts with death benefits that exceeded the value of their plan investments. If the client executed the transfer, these participants would have lost those benefits, which […]
Innovative Myth Series #8: Once I Sell a Company, I Don’t Have To Worry About It Impacting My Current Retirement Plan
See how Innovative helped our client from running afoul of the Affiliated Service group rules and saved the client from potential serious regulation issues. Download full case study here. Let Innovative perform a complimentary review of your plan, contact our retirement planning team here.
Innovative Myth Series #7: The Only Benefit To A Retirement Plan is Retirement Savings
See how Innovative helped this client add a pension plan to their existing 401(k) and profit-sharing plan offerings to tackle their recruiting and retention challenge. Download full case study here. Let Innovative perform a complimentary review of your plan, contact our retirement planning team here.