Did you know that in addition to tax and health insurance, we also provide 401(k) services? We offer an array of 401(k) services, all designed to allow you, as a business owner, to provide a top-notch benefit to your employees without having to divert your attention from what you love and do best. This is what we can do for you:
Are You a Legal Fiduciary?
Sponsoring a 401(k) is a big responsibility because it makes you a legal fiduciary. That means that you must fulfill certain requirements to always act in the best interest of your plan participants. A breach of fiduciary duty can result in lawsuits, fines, or worse.
Keeping up with all the rules and regulations while running a business is not easy. And delegating the responsibility to an HR person isn’t often wise because of the extent of the specialized knowledge required.
We partner with business owners just like you to help ensure your fiduciary duties are being completed annually. We have a comprehensive annual checklist that will help keep you on track and compliant with all regulations.
Drive Plan Participation Through Education
If you have taken the time and money to provide a 401(k) for your employees, you obviously want them to use it. Also, lower-level employee participation can affect the ability of company leadership to maximize their 401(k) potential. Yet, a lot of workers don’t take advantage of 401(k) plans because they lack the necessary education. A recent Charles Schwab survey found: (1)
- 57% of participants said they wished there was an easier way to figure out how to choose the right 401(k) investments.
- 52% said that explanations of 401(k) investments were more confusing than explanations of health care benefits.
- 46% don’t feel like they know what their best investment options are.
- 34% feel a lot of stress over correctly allocating their 401(k) dollars.
Clearly, there is a great need for education among plan participants. In the survey, 61% said that they want personalized investment advice for their 401(k). They asked for help with everything from asset allocation to risk tolerance to retirement income planning.
At DeLong & Brower, we take education to a whole new level. We have had incredible success with our Retire360 program that we use to work specifically with plan sponsors and their employees. We want to help companies and their employees and therefore we have developed the experience and tools to do it.
Improve Your Plan Ranking Among Peers
We can also help you to improve your plan ranking among peers. With a third-party company, we can find how you currently rank among your peers. Based on the score you are given, we can pinpoint areas of improvement where you can take specific steps to make your plan better for both your company and your employees.
Maintain A Cost-Effective Plan
Businesses who do not review their 401(k) plans on a regular basis with a specialized professional run the risk of paying higher fees and under-utilizing their plan year, both of which run up costs unnecessarily. We will sit down with you for a full plan review to make sure your plan is cost-effective and well-suited for your employees.
The DeLong & Brower Difference
What we can do at DeLong and Brower is offer the successful business owner and their employees coordinated financial advice, financial planning, tax management and accounting services in one bundle under one roof.
The phrase “it is not what you make, it is what you keep,” exists for a reason. Our program can save a significant amount of time and expense to the business owner and their employees. This coordinated effort is far superior to the uncoordinated and convoluted systems that most business owners try to manage by maintaining multiple relationships with multiple unrelated parties. Most think they are saving money by doing so, but in fact, it can hurt them in terms of cost and misguided choices that have tax implications that they never imagined.
Our DeLong & Brower Retire 360 system allows for a coordinated effort with a result that will give the business and employees increased understanding and confidence. Call us today at 616-394-0500 or email firstname.lastname@example.org to set up a complimentary consultation. Give your employees the best 401(k) plan possible!