Business Retirement Plans - Waukesha Wisconsin

 

Retirement Plan News

The IRS has increased the 401(k) contribution limits for 2018. The new limit is $18,500 and the catchu-up limit (for participants age 50 and over) remains at $6,000. These new limits also apply to 403(b), 457 and federal government Thrift Savings plans for 2018.


Back in 2011 the U.S. Department of Labor (DOL) issued regulations requiring employers that act as plan administrators to furnish plan participants with more information about the fees and expenses associated with their plans. These new regulations mean that your employees are going to see the fees they're paying clearly displayed on their statements (likely starting with their September 2012 quarterly statement).

AARP surveyed a group of 401(k) participants and found that 71% of respondents said they pay no fees in association with their plan. As an employer you should be prepared to answer questions about the fees associated with your plan.

If you aren't confident that you'll be able to answer questions about the fees in your plan, we can help. We'll review your plan, breakout the fees for you, and explain them in plain English. More importantly, we'll help you determine if the fees incurred are justifiable in today's competitive market.

Please contact us to obtain a free, no obligation retirement plan fee review.


 

ERISA Section 404(c) - Why It's Important to Your Company's Plan

As a business owner with a retirement plan, and/or as a member of the management team you are probably considered a fiduciary. This means you have certain responsibilities including:

  • Acting solely in the interest of plan participants and their beneficiaries and with the exclusive purpose of providing benefits to them.
  • Carrying out your fiduciary duties prudently
  • Following the plan documents (unless inconsistent with ERISA)
  • Diversifying plan investments
  • Paying only reasonable plan expenses.

When your plan's participants are allowed to choose from a menu of investment options and make their own investment decisions, complying with ERISA Section 404(c) can offer you an additional layer of protection. Although compliance is voluntary, if your plan does not comply with 404(c), you may be liable as a fiduciary for each plan participant's individual investment decision, even if you have prudently selected and monitored the investment options available. However, there are some simple steps you can take (without added expense) to comply with provision 404(c) and add a layer of protection for you as a fiduciary.

Please contact us for a complimentary, no obligation review of your plan, your fiduciary responsibilities, and strategies to help protect you from liability.

 

 

Corporate Retirement Plans and The Berrall Kons Wealth Management Group

Companies in the Milwaukee area tend to adopt qualified retirement plans for three major reasons: to help provide retirement security for the principals and employees of the business, to create business tax deductions, and to attract and keep good employees.

With more than 30 variations of qualified retirement plans available to private businesses today, finding the right plan to meet your company's needs can be a daunting task. This is where The Berrall Kons Wealth Management Group can help.

We have a unique fact-finding and goal-setting process that helps business owners and management teams articulate appropriate goals and needs of their retirement plan. From there we provide companies with:

  • Plan Design Services - Determining the right type of plan to help meet the company's goals.
  • RFP Management - Searching the marketplace for the best, most cost effective way to put the plan in place.
  • Employee Education - Meeting with employees to help them become retirement ready.
  • Ongoing Plan Reviews - Ensuring that the plan you have remains the most suitable solution.

We work with nearly all major retirement plan providers. If your company already has a retirement plan in place in most cases you can sign a single form and we take over as the Advisor on the plan. Please contact us to discuss your plan today.

 

 

Common Retirement & Corporate Benefit Plans In Wisconsin:

  • Simplified Employee Pension (SEP)
  • Savings Incentive Match Plan for Employees (SIMPLE)
  • Profit Sharing
  • Age-weighted/comparability profit sharing
  • 401(k) profit sharing
  • Safe-harbor 401(k)
  • Individual, owner only, one-person, solo 401(k)
  • Defined benefit pension
  • Employee Stock Option Plan (ESOP)
  • Non-qualified deferred compensation
  • Executive bonus
  • Executive life insurance
  • Cash balance

We help Wisconsin business owners and executives select the best option(s) for their companies. We'd be honored to be a resource for you. Please contact us to discuss your company's retirement and benefit plans.

Please Note: Financial professionals cannot provide “investment advice” or otherwise act as an ERISA fiduciary with respect to plan sponsors or plan participants. This includes advising any plan sponsor about the appropriate investment products to be made available in the plan, or advising plan participants about individual asset allocation among the investments. They may provide approved general investment education materials and objective factual information, such as performance data, to help plan sponsors and participants make their own independent investment decisions.

Wells Fargo Advisors and its financial advisors provide non-fiduciary services only. They do not provide investment advice [as defined under the Employee Retirement Income Security Act of 1974 as amended ("ERISA")], have any discretionary authority with respect to the plan, make any investment or other decisions on behalf of the plan, or otherwise take any action that would make them fiduciaries to the plan under ERISA.

The Berrall Kons Wealth Management Group and Wells Fargo Advisors do not provide legal or tax advice. However, its Financial Advisors will be glad to work with you, your accountant, tax advisor and or lawyer to help you meet your financial goals.