
Retirement Plan Consultants
Once your team expands, choosing the appropriate retirement plan becomes more complex. It's no longer just about offering a benefit. It's about finding the right fit for your company's financial situation, growth strategy, and employee needs.
A retirement plan consultant brings clarity to this decision-making process. They help employers compare plan options, such as 401(k)s, SIMPLE IRAs, or profit-sharing plans, to ensure the selected plan supports company goals and employee satisfaction.
By understanding your business structure, budget, and workforce dynamics, consultants can steer you away from missteps that might lead to administrative challenges or disengaged employees. Their expertise ensures your chosen plan is scalable, cost-effective, and aligned with long-term company goals.
Retirement plans are subject to a web of federal and state regulations, such as the Employee Retirement Income Security Act (ERISA), Internal Revenue Code (IRC), and Department of Labor (DOL) rules. For many business owners, interpreting and complying with these regulations without guidance can be overwhelming, and mistakes can result in costly penalties or legal issues.
Retirement plan consultants serve as your regulatory compass. They ensure your plan complies with current laws, monitor legislative updates, and handle essential documentation, audits, and fiduciary responsibilities.
Their role is critical in reducing the risk of errors, protecting your business, and giving employers and employees peace of mind. With their oversight, you can focus on growth while maintaining a trustworthy retirement offering.
One of the greatest advantages of working with a retirement plan consultant is their in-depth knowledge of the vast array of available plans. The landscape of retirement plans is not one-size-fits-all, and a knowledgeable consultant helps tailor the right option to your specific needs.
Common plan types include: Traditional and Roth IRAs
401(k) Plans
SIMPLE IRAs
SEP IRAs
Payroll Deduction IRAs
Profit-Sharing Plans
Defined Benefit Plans
Each plan type carries its rules regarding contribution limits, tax treatment, and administrative requirements. Consultants break down the pros and cons of each option and explain the eligibility criteria.
A business retirement advisor can help implement the plan structure that offers the most significant benefit to your team while staying within your operational limits. Their goal is to match your business with a plan that balances flexibility, tax efficiency, and employee appeal.
Once a plan is selected and implemented, the work doesn't stop there. Ongoing plan management is vital to maximizing its value. Retirement plan consultants evaluate the plan's performance and recommend enhancements as your business evolves.
These professionals analyze contribution strategies, adjust plan features to meet shifting employee demographics, and ensure administrative costs are controlled. They also optimize tax advantages, helping employers and employees benefit from deductions, credits, and deferrals. Whether optimizing contributions, cutting costs, or handling year-end reporting, consultants ensure long-term plan sustainability.
A great retirement plan doesn't just sit on paper. It needs active participation to make a difference. Unfortunately, many employees hesitate to enroll simply because they don't fully understand how retirement savings work.
Retirement plan consultants offer targeted education and communication strategies to bridge that gap. By clearly explaining plan benefits, contribution options, matching programs, and long-term financial impact, they help employees see the value of participating.
When employees feel empowered and informed, enrollment tends to rise, improving your plan's performance and helping your business meet certain IRS participation requirements. Additionally, higher participation rates can lead to valuable tax credits and deductions for your company, reinforcing the financial benefit of engagement.
A retirement plan consultant is more than just a service provider. They are a long-term partner in your business's financial health and employee satisfaction. From plan selection to compliance, management, and employee education, their role ensures your retirement offering delivers maximum value with minimal risk.
In today's competitive landscape, offering a robust retirement plan can set your company apart, and with expert guidance, you can do so confidently and efficiently. Whether starting from scratch or looking to enhance your current benefits, a retirement plan consultant is a smart investment in your people and your future.
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Fast Company
3 days ago
- Fast Company
What to know about Trump's executive order on college sports
President Donald Trump on Thursday signed an executive order mandating that federal authorities clarify whether college athletes can be considered employees of the schools they play for in an attempt to create clearer national standards in the NCAA's name, image and likeness era. Trump directed the secretary of labor and the National Labor Relations Board to clarify the status of collegiate athletes through guidance or rules 'that will maximize the educational benefits and opportunities provided by higher education institutions through athletics.' The order does not provide or suggest specifics on the controversial topic of college athlete employment. The move comes after months of speculation about whether Trump will establish a college sports commission to tackle some of the thorny issues facing what is now a multibillion-dollar industry. He instead issued an order intended to add some controls to 'an out-of-control, rudderless system in which competing university donors engage in bidding wars for the best players, who can change teams each season.' 'Absent guardrails to stop the madness and ensure a reasonable, balanced use of resources across collegiate athletic programs that preserves their educational and developmental benefits, many college sports will soon cease to exist,' Trump's order says. 'It is common sense that college sports are not, and should not be, professional sports, and my administration will take action accordingly.' There has been a dramatic increase in money flowing into and around college athletics and a sense of chaos. Key court victories won by athletes angry that they were barred for decades from earning income based on their celebrity and from sharing in the billions of revenue they helped generate have gutted the amateurism model long at the heart of college sports. Facing a growing number of state laws undercutting its authority, the NCAA in July 2021 cleared the way for athletes to cash in with NIL deals with brands and sponsors — deals now worth millions. That came mere days after a 9-0 decision from the Supreme Court that found the NCAA cannot impose caps on education-related benefits schools provide to their athletes because such limits violate antitrust law. The NCAA's embrace of NIL deals set the stage for another massive change that took effect July 1: The ability of schools to begin paying millions of dollars to their own athletes, up to $20.5 million per school over the next year. The $2.8 billion House settlement shifts even more power to athletes, who have also won the ability to transfer from school to school without waiting to play. At Big Ten Conference football media days in Las Vegas, Purdue coach Barry Odom was asked about the Trump order. 'We've gotten to the point where government is involved. Obviously, there's belief it needs to be involved,' he said. 'We'll get it all worked out. The game's been around for a hundred years and it's going to be around 100 more.' The NCAA has been lobbying for several years for limited antitrust protection to keep some kind of control over this new landscape — and avoid more crippling lawsuits — but a handful of bills have gone nowhere in Congress. Trump's order makes no mention of that, nor does it refer to any of the current bills in Congress aimed at addressing issues in college sports. NCAA President Charlie Baker and the nation's largest conferences both issued statements saying there is a clear need for federal legislation. 'The association appreciates the Trump administration's focus on the life-changing opportunities college sports provides millions of young people and we look forward to working with student-athletes, a bipartisan coalition in Congress and the Trump administration,' said Baker, while the conferences said it was important to pass a law with national standards for athletes' NIL rights as soon as possible. The 1,100 universities that comprise the NCAA have insisted for decades that athletes are students who cannot be considered anything like a school employee. Still, some coaches have recently suggested collective bargaining as a potential solution to the chaos they see. It is a complicated topic: Universities would become responsible for paying wages, benefits, and workers' compensation and schools and conferences have insisted they will fight any such move in court. While private institutions fall under the National Labor Relations Board, public universities must follow labor laws that vary from state to state and it's worth noting that virtually every state in the South has 'right to work' laws that present challenges for unions. Trump's order also: — Calls for adding or at least preserving athletic scholarships and roster spots for non-revenue sports, which are those outside football and basketball. The House settlement allows for unlimited scholarships but does impose roster limits, leading to a complicated set of decisions for each program at each school that include potential concerns about Title IX equity rules. Trump said 'opportunities for scholarships and collegiate athletic competition in women's and non-revenue sports must be preserved and, where possible, expanded.' — Asks the Justice Department and Federal Trade Commission to 'preserve college athletics through litigation' and other actions to protect the rights and interests of athletes — a stance that could influence ongoing lawsuits filed by athletes over eligibility and other issues. — Directs White House staff to work with the U.S. Olympic and Paralympic Committee to protect the collegiate pipeline feeding Team USA. College sports programs produce around three-quarters of U.S. Olympians at a typical Summer Games, but some are on uncertain footing as schools begin sharing revenue with athletes and the lion's share going to football and basketball.


Fast Company
3 days ago
- Fast Company
Here's why Trump's proposed 401k executive order may be very bad news for your retirement
BY Listen to this Article More info 0:00 / 7:11 Amidst the other recent headlines about his signature, you may have missed the news that Donald Trump plans to sign an executive order in the coming days that will allow defined-contribution plans like your 401k to include private market investments. If you're not the sort of person who views a mutual fund prospectus as light beach reading, this may sound like the kind of boring story that only your crypto-obsessed brother-in-law might care about. But this is serious business that could have repercussions on your retirement —especially if you're not paying attention. This proposed policy could be sending us down the same bumpy road that knocked the tires off of company-sponsored pension plans, dramatically increasing retirement insecurity for most American workers. Here's what you need to know. What's in the executive order? The specific details of the forthcoming executive order (EO) remain hazy. But most experts agree that the president will probably use the EO as an opportunity to formalize the 2020 Pantheon Ventures/Partners Group opinion letter from the Department of Labor. This letter, issued during Trump's first administration, suggests that private equity investment options could be included in defined-benefit plans (i.e., 401k and 403b plans and the like) as part of a target-dated fund or other managed fund. The letter also emphasizes that plan participants should not be able to directly access private equity investments. It's likely this letter may serve as a blueprint for the EO that crosses Trump's desk in the near future. What's private equity? Private equity is an investment in a privately traded company by an accredited investor or group of investors who take on a controlling interest in the organization. Though typically lucrative, private equity investing is often characterized by a long time horizon and a lack of liquidity. Private equity firms often charge high fees and expenses, and they may not disclose conflicts of interest. Let's look at these specific characteristics: Private trading Private equity is an investment class that is not available to the general public. This is unlike shares in publicly traded companies that anyone can purchase on the open market. Accredited investors An individual may be considered an accredited investor if they have earned $200,000 (or $300,000 with a spouse) for each of the past two years, or if they have a net worth of over $1 million excluding their primary residence. This means you're only allowed to invest in private equity if you can be relatively sure you won't be completely wiped out if you make a single bad investment. Controlling interest Typically, private equity investors take a controlling interest in the company and work to actively manage the business in order to increase its value. Illiquidity Private equity investment requires a long time horizon and most private equity funds will impose limits on when an investor can withdraw their funds. These limits will often last years. Fee structure Private equity funds come with fees and expenses that can be confusing, opaque, or just plain undisclosed. Conflicts of interest Private equity firms can and do have interests that conflict with those of their investors and the funds they manage. Though the SEC has proposed stronger rules for Private Fund advisers, and the commission does enforce what it can, investors must remain vigilant for the possibility of conflicts of interest. So what's the problem with private equity? There are some very good reasons why defined-benefit plans have always been closed to private equity. At its best, private equity is an effective tool that can help companies restructure and position themselves for future growth. This is what Dell did in 2013. But too often, private equity functions more like the 'Bust Out' episode of The Sopranos, where Tony drives his friend Davey's sporting goods store into bankruptcy by maxing out debt to purchase inventory the mobsters peddle for a profit. Sears and Toys 'R' Us are two examples of companies that didn't survive their private equity adventures. Those two bankruptcies eliminated 70,000 jobs, and company pension plans were eventually frozen or terminated. Why add private equity to 401k plans? There are $12.2 trillion worth of assets in U.S. defined contribution retirement plans. Private equity would appreciate getting a foothold in an investment sector that has traditionally been cut off from non-accredited investors. Proponents of the idea claim that allowing 401k investors to include private equity in their defined contribution plans will give them the opportunity to enjoy the higher returns that are typically restricted to accredited investors. But detractors worry that private equity is too risky and illiquid an investment class to have in a workplace retirement plan—which is where an employee would take a hardship withdrawal during a tough economic time. Critics like Elizabeth Warren have called private equity predatory and demanded stronger regulations. Why not just ignore it? If investing in private equity isn't your cup of tea, it may seem reasonable to simply put the matter out of your mind. You just won't invest in any of the private equity target-dated funds and your 401k will continue chugging along. The only issue with this plan is the fact that opening the door to private equity in our defined contribution plans will also make the employers sponsoring those plans more vulnerable. Under the Employment Retirement Income Security Act (ERISA), employers have a fiduciary responsibility to make sure the investment options in your 401k are prudent and that any fees are not onerous. Plan sponsors have traditionally been leery of private equity in 401k retirement plans because of their illiquidity, complexity, opacity, and high fees, which leaves them open to ERISA lawsuits. Considering the fact that ERISA lawsuits against excessive 401k fees have risen to a near record high in the past year, employers have good reason to be worried. Yes, this does mean that everything is working as planned. Employers are supposed to take fiduciary responsibility for their employees' retirement plans, and when they don't, the workers can file ERISA lawsuits against them–and win. So far, so good. But the creation of ERISA 50 years ago, including the much-vaunted litigation portion of the law, may have contributed to the decline of pension plans. If it ain't broke . . . Placing even more complex fiduciary responsibility on the shoulders of employers could have similar unintended consequences that we can't yet see. Average 401k savings rates and balances have recently been at record highs. As pensions have declined, and more Americans are feeling nervous about the future of Social Security, do we really want to open up defined contribution retirement plans to a new class of under-regulated, risky investments? The average retirement investor simply has no need of private equity in their 401k. The super-early-rate deadline for Fast Company's Most Innovative Companies Awards is this Friday, July 25, at 11:59 p.m. PT. Apply today. ABOUT THE AUTHOR The daughter of a financial planner, Emily Guy Birken never stood a chance: Try as she might to avoid her destiny (undergraduate degree in English with a focus on creative writing at Kenyon, MEd from The Ohio State University, teaching, motherhood), her innate fascination with money turned her into one of the most compelling and relatable writers on personal finance.. Based in Milwaukee and a regular guest on Wisconsin Public Radio, she has written for The Washington Post, USA Today, and many other publications and websites. In her "What to Expect When You're Investing" series for Fast Company, she has offered tips on getting your kids through college without going broke as well as advice on what to do if you run out of money in retirement. Whether explicating the hidden money lessons in the movie Groundhog Day or explaining why "spaving" is probably not a wise financial strategy for most of us, Emily offers data-driven insights with heaping portions of common sense and humor. More

Epoch Times
4 days ago
- Epoch Times
US Jobless Claims Decline for 6th Straight Week
The number of Americans filing for unemployment benefits declined for the sixth consecutive week. For the week ending July 19, initial jobless claims fell by 4,000 to 217,000, the lowest level in three months, according to new Department of Labor data released on July 24.