Minimize Your Responsibilities with a Pooled Employer Plan
When you leave your retirement plan management to Boulay, you can stay focused on what’s most important—moving your business forward and serving the needs of your employees. RetireNAV(k), designed by Boulay Financial Advisors, LLC, offers a streamlined employer retirement plan solution for businesses of all sizes. Join our Pooled Employer Plan (PEP) and reduce your administrative burden while providing top-tier retirement benefits to your employees.
Streamlined Retirement Plan Solution
A meaningful retirement package is a key differentiator for your business in an extremely competitive talent acquisition landscape. However, offering a retirement plan often involves significant challenges for employers. Key among these are the cost, fiduciary responsibilities and liabilities, time constraints, and the need to focus on other pressing matters of the business. RetireNAV(k) allows multiple employers to join together under one plan—creating operational efficiencies, cost savings, and eliminating many of these challenges.
The benefits of Boulay’s RetireNAV(k) Pooled Employer Plan include*:
- Save money with enhanced purchasing power—increased scale reduces administrative, investment, audit and HR staffing costs, granting access to the savings and services enjoyed by larger 401(k) plans
- Save time with the majority of administrative, fiduciary, governance, investment management and day-to-day tasks shifted to the pooled plan provider (PPP)
- Reduce your fiduciary risk by outsourcing many of the ERISA compliance, security and reporting responsibilities
- Retain flexibility and control in plan design with scalability, customization and the ability to make important plan decisions
- Improve your investment lineup with selection and monitoring from experienced professionals
- Reduce or eliminate audit expenses (if applicable). The PPP handles the annual audit, with costs shared among affected businesses.
- Access to meaningful retirement benefits, financial wellness tools and personalized support
- Onboarding support for effortless enrollment
- Enhanced participant experience with easy account management through dynamic website and app
- Ongoing participant education and resources stay on track toward retirement goals
*the above statements are objectives of RetireNAV(k), not promised results.
RetireNAV(k) Pooled Employer Plan
The SECURE Act brought substantial changes and opportunities within the retirement landscape. Perhaps the most important change was the development of PEPs, which allow unrelated employers to band together and participate in one defined contribution plan, managed by a single PPP. With economies of scale, PEPs significantly reduce many of the costs and obstacles employers face in offering a 401(k) plan to their employees.
Though PEPs still allow employers an opportunity to offer a unique retirement benefit customized to the needs of their employees, the difference in responsibilities is significant:
401(k) Employer Responsibilities
Acceptance of Fiduciary Responsibilities:
- Act as plan sponsor and 3(16) administrative fiduciary
- Create and sign plan document
- Hire and monitor recordkeeper
- Ensure plan is administered according to plan provisions
Administration:
- Submit timely contributions
- Update participant contribution rates in payroll
- Submit loan payments
- Manage beneficiary information
- Track eligibility
- Provide enrollment materials to eligible participants
Management of Investment Offering:
- Hire and monitor investment professional
- Make sure investments are appropriate for plan participants
- Ensure reasonable amount of investment choice
- Monitor investments and expenses
Plan Compliance and Audit:
- Complete, sign and file Form 5500 annually
- Hire an auditor if over 100 participants with a balance
- Manage plan audits
Acceptance of Fiduciary Responsibilities:
- Act as plan sponsor and 3(16) administrative fiduciary
- Create and sign plan document
- Hire and monitor recordkeeper
- Ensure plan is administered according to plan provisions
Administration:
- Submit timely contributions
- Update participant contribution rates in payroll
- Submit loan payments
- Manage beneficiary information
- Track eligibility
- Provide enrollment materials to eligible participants
Management of Investment Offering:
- Hire and monitor investment professional
- Make sure investments are appropriate for plan participants
- Ensure reasonable amount of investment choice
- Monitor investments and expenses
Plan Compliance and Audit:
- Complete, sign and file Form 5500 annually
- Hire an auditor if over 100 participants with a balance
- Manage plan audits
pep Employer Responsibilities
Administration:
– Select and monitor the Pooled Plan Provider
– Submit timely payroll contributions
– Confirm employee census data
With RetireNAV(k), employers unlock access to Boulay Financial Advisors’ 35+ years of experience advising employer retirement plans. Employers can also leverage the firm’s investment management expertise, as BFA serves as the pooled employer plan’s 3(38)-investment manager. RetireNAV(k) features custom Target Age and Target Risk models, making asset allocation and diversification easier for plan participants. Participants also gain access to the 401(k) Fit employee education series, as well as the collective team of financial professionals at Boulay.
Retirement Plan Consulting Leader
Chart a Wiser Plan with RetireNAV(k)
Ready to simplify your retirement plan responsibilities and set your participants on the path to achieving their retirement goals? Contact us today to move forward with RetireNAV(k).
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To learn more about how we can help, contact us by phone at 952.893.9320 or email us.