Our Approach To Retirement Plans: Reduce Risk, Lower Costs, Stay Compliant

An attractive Retirement Plan is a must for any company seeking to employ top talent. When you’re just getting started, designing the right plan that meets your goals and stands out in the job market can feel like a monumental task.

At the ERISA Advisory Group, our approach is straightforward. We aim to build a strategic plan that:

  • Reduces financial risk to your company
  • Lowers costs for participants & beneficiaries
  • Stays compliant with the rules and regulations in ERISA

Working with these guiding principles allows us to select the type of plan that’s the best fit for your business’s needs, and develop a compliance structure that keeps you in good standing with the Department of Labor.

How We Help

With all of the different types of Retirement Plans available in today’s market, our first step is to help you select the right one from:

  • Defined Benefit Plans (including Cash Account Balance)
  • Defined Contribution Plans:
    • Profit-Sharing Plans (PSPs)
    • 401(k) Plans
    • Employee Stock Ownership Plans (ESOPs)
    • Money Purchase Pension Plans
    • 457 Plans
    • Simplified Employee Pensions (SEPs)

Once we find the best plan that matches your company’s goals, we will consult you on a number of items that will help you build a strong plan that meets the compliance requirements under ERISA. These steps include:

  • Reviewing and correcting any existing compliance issues under your current plan (if applicable)
  • Helping you implement a competitive placement of coverage
  • Review coverage testing to ensure your coverage falls within the top 70% of plans in your industry
  • Assisting with annual renewals of coverage
  • Review of Summary Plan Descriptions (SPDs) to ensure you are meeting the requirements for public disclosure under ERISA
  • Establish competitive plan benchmarking to determine your plan’s position compared to similar plans in size and nature
  • Monitor Service Vendors to ensure that you are always getting the best pricing and coverage for the services you need
  • Perform a Financial Accounting Audit of your plan to verify that you are not making Prohibited Transactions
  • Provide guidance as to how to appoint Plan Fiduciaries that will manage the day-to-day operations of your plan, and assume personal liability for you keeping you ERISA compliant

Build A Retirement Plan That’s ERISA Compliant

After all the hard work you put into making the strongest possible Retirement Plan for your employees, the worst scenario you could face would be getting targeted by the Department of Labor for an audit.

The Employee Benefits Security Administration (EBSA) is the body responsible for conducting these audits, and more often than will find compliance errors that you didn’t even know you were making.

Luckily, at the ERISA Advisory Group we have nearly 30 years of experience in setting up Retirement Plans that meet all of the compliance standards set forth in ERISA.

When you work with our ERISA Consultants, our top priority is to assist you in designing a plan that is both strategic and legally compliant.

Work With An ERISA Consultant To Design Your Retirement Plan

Are you ready to build a Retirement Plan for your company, but need help getting started?

If so, then schedule a free consultation with an ERISA Consultant to find out your next steps.

We’re happy to help you get this off the ground, and develop a plan your employees and executives will love.