Broker Check

401k Analysis

When Credit Unions consider the qualified plans they offer their employees, the conversation usually comes around to the same topics: cost and investment options. While the 401(k) is not as expensive as common plans of the past, it is still a high-cost benefit.  Apart from cost, investment options are another concern. Value is important. Credit Unions want solid options, great value, and low cost.

Offering a great plan to your employees is rewarding, but can also be challenging. Administering a plan and managing its assets require certain actions and involve specific responsibilities.

Fiduciary scrutiny and a heightened awareness is at an all-time high for fee transparency and 401(k)-related disclosures. Credit Unions face a new world of ensuring qualified plans are:

  • Compliant
  • Effective for participants
  • Cost-effective

Does your Credit Union have a 401(k) plan that meets the stringent ERISA fiduciary mandates and Department of Labor requirements? If you want to be sure the answer is yes, get a second opinion.

The end-game is to make absolutely sure your staff members are equipped to achieve their desired outcomes in retirement. By performing a comprehensive fiduciary assessment you can quickly identify risks, gaps or deficiencies in your plan design. In other words, it's a good idea to get advice on your current plan design.

With a plan analysis, your Credit Union receives an analysis of plan investment options, recommended corrective actions, and confirmation that appropriate fiduciary procedures are in place. This is an advantage to the Credit Union in two ways:

  1. You are provided an objective opinion that you can rely upon.
  2. If gaps or deficiencies are identified, you are made aware of these risks so you can take corrective action.

We are not affiliated with any plan providers or administrators and have no proprietary products, providing us the freedom to fairly assess Credit Union needs.

Give your staff the tools they need to achieve success in retirement planning. If you want to be sure your plans are compliant, effective for participants, and low cost, we can help.