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Fiduciary Best Practices: Why Investment Oversight is Important for 401(k) Committees (Copy)
Selecting and monitoring investment options for your company’s retirement plan is just one part of your fiduciary responsibility. How do you evaluate, benchmark and assess your plan and what other expertise or protection should you consider?
An investment committee has a lot of responsibilities, including selecting and monitoring the investment options for the retirement plan; but there are plenty of resources available to help make informed decisions.
By being proactive and educated on these topics, you can reduce the risk of lawsuits related to excessive fees or violations of ERISA. In recent years, class action lawsuits have been filed against plan sponsors for breaching their fiduciary duty. Thus, it’s important to understand fiduciary duty, plan oversight and guidance, as well as available advisory services and protection.
Your Fiduciary Responsibilities
As a fiduciary, the plan sponsor/employer is required to act solely in the interest of the participants. The Department of Labor states that the primary responsibility of fiduciaries is to act prudently and diversify the plan's investments to minimize the risk of large losses.1
To assist with this oversight, investment committees often include advisors with specific fiduciary knowledge:
● A 3(21) advisor serves in a co‐fiduciary capacity to the plan and shares investment fiduciary
responsibility and liability with other plan fiduciaries. A 3(21) advisor provides counsel and
guidance but does not have discretion. Responsibility for investment decisions rests with the
plan sponsor.
● A 3(38) advisor or investment manager is a fiduciary that assumes full discretionary control
over the investment selection and monitoring decisions for the plan. When you hire a 3(38)
fiduciary advisor, the plan fiduciaries remove themselves from the ongoing investment
decision‐making process.
Investment Policy Statement
Every investment committee should have an Investment Policy Statement (IPS). Think of the IPS as a roadmap for your plan’s investments. It provides governance and helps ensure that the plan’s objectives and investment approach are aligned. It also is a framework for the committee to evaluate the retirement plan’s performance.
Evaluate, Benchmark and Assess
Investment committees should regularly monitor the plan’s investment performance and compliance. Assistance from a fiduciary expert can be very helpful when conducting these reviews.
Here are steps to consider:
● Evaluate: Are the goals and objectives as outlined in the IPS being attained? Review the
investment lineup and the funds’ fee structure to ensure they are reasonable. Also, make sure
to review deliverables and fees with investment service providers, third-party administrators
and vendors.
● Benchmark: Compare your plan to market indices or similar plans to help benchmark
performance on an appropriate basis. Be sure to work with an investment advisor familiar with
overall market conditions and who can review historical performance.
● Assess: Based on the review of fees, performance and other criteria, decide whether
changes to the investment lineup, service agreements and/or outside experts need to be
made.
What is Fiduciary Liability Insurance?
As a plan sponsor, strongly consider obtaining fiduciary liability insurance. This provides legal protection for the employer and those acting in a fiduciary role if there is a claim of a fiduciary duty breach or mismanagement of the retirement plan. While it’s not required by law and it does not protect against acts of fraud, fiduciary liability policies will pay defense costs and judgment awards if a company is found liable.
It’s important to note that this differs from an ERISA fidelity bond, which protects the plan against losses caused by fraud or dishonesty.
Fiduciary liability premiums range from several hundred to a few thousand dollars per year, depending upon a company’s needs. According to one report, “most small businesses with fewer than 100 employees will pay less than $1,500 per year.”2
Fiduciary Oversight, Financial Integrity
Oversight of a retirement plan and its investment lineup is a tremendous responsibility with significant consequences if not managed properly. To protect the financial integrity of your plan, it is best to work with fiduciary experts, including qualified 3(21) or 3(38) advisors. A well-managed plan and investment strategy can help deliver an optimized plan that enables employees to confidently pursue their retirement goals.
If you would like help selecting and monitoring investments for your company’s 401(k) plan, please contact us. We are happy to answer any questions you may have about our services or how we can assist you in meeting your fiduciary responsibilities.
1 Department of Labor. “Fiduciary Responsibilities”. DOL.gov.
2 Counterpart. “Fiduciary Liability Insurance.” Feb. 1, 2022.
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Why Plan Fiduciaries Need to Pay Careful Attention to Retirement Plan Fees
Competitive benchmarking is a way to measure and compare fees associated with running your retirement plan. Explore the most frequently asked questions about plan costs and benchmarking.
Retirement plan fees can take many different forms, making it difficult to determine whether they're reasonable. In this article, we'll discuss why fiduciaries need to pay careful attention to fees and how benchmarking can help you make informed decisions. We'll also explore some of the most frequently asked questions about retirement plan fees and how to benchmark them.
Why is Understanding Your Plan Costs So Important?
For starters, it helps you fulfill your fiduciary duties and safeguards you, your plan and your committee from excessive fee lawsuits. Plan sponsors have specific responsibilities to understand plan fees under ERISA, the law that governs most workplace retirement plans.
ERISA requires plan fiduciaries to:
● Monitor and benchmark service providers and other plan expenses to make sure that fees are
reasonable based on the level and quality of services being delivered
● Monitor and review the plan’s investment options regularly to make sure they’re performing in
line with expectations
● Disclose plan, investment and fee information to participants so they can make informed
decisions on investing their savings
Fees typically fall into three categories:
1. Administrative: These are costs associated with the plan’s day-to-day operations, including
recordkeeping, accounting, legal, trustee and other related expenses.
2. Investments: The largest share of plan expenses are investment costs that include investment
management and investment-related services; they are often charged as a percentage of plan
assets. It’s important to pay attention to investment fees because they aren’t always clear or
easy to understand. Additionally, investment fees that are too high may significantly diminish
participants’ savings over time.
3. Individual services: Generally, these fees are associated with optional plan features, such as
loans. These costs may be passed directly onto participants who opt to take advantage of
them.
Fees are charged in different forms too, such as a flat fee, a percentage of assets and/or a combination of both. They may be charged on a one-time or ongoing basis, depending upon the services received.
As fiduciaries, plan sponsors must engage in a thorough process to ensure that plan fees are reasonable, and the benchmarking process is carefully documented.
What is the Best Way to Analyze 401(k) Plan Costs?
Benchmarking is the process of comparing costs and value for the services being received by your retirement plan with plans of a similar size and type. Issuing requests for proposal (RFPs) is a common approach to benchmarking, but it isn’t the only solution.
Other benchmarking resources include:
● Retirement plan consultant databases
● General benchmarking data
● Recordkeeping data
How Often Should You Benchmark Your 401(k) Plan?
Generally, smaller plans may benchmark their fees and services every three years while larger plans may do an annual review. “Kicking the tires” on your plan expenses on a regular basis is a good way to confirm that costs are in line with plans like yours (or not).
Need Help Understanding Your 401(k) Plan Fees?
Making sense of your plan fees and recognizing whether or not you’re getting the most value for your plan dollars can be complex. We can help you review and evaluate your plan costs so you can make informed decisions on how to manage them efficiently and cost-effectively. Once you understand your plan fees, you’ll be better able to carry out your fiduciary responsibilities and feel more confident that you’re doing what’s best.
To learn more about plan fees and how to benchmark them, contact us today. We’re here to help you navigate the complexities of retirement plan management and toward ensuring that your plan is running efficiently and cost-effectively.
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent
Employee Newsletter: 5 Smart Money Tips to Help You Stick to Your Budget
Click on Image for Employee Newsletter
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Defining Workplace Goals is a Vital First Step to an Effective Retirement Plan
Retirement plans can be as unique as your company and its employees, yet many committees do not take the time to set specific goals for their plans. Without defined goals, it can be difficult to create an effective retirement plan that meets expectations. Here’s helpful guidance about defining your plan goals and offering this benefit which helps everyone save toward retirement success.
Each time you discuss the company’s 401(k) plan, it is an opportunity to identify goals and align plan design.
Aligning plan goals with specific features has the potential to improve outcomes. Plan considerations might include who is eligible, whether to make employer contributions, if it makes sense to automatically enroll and regularly notch up participant deferrals – called auto-escalation.
Proactively identifying specific goals helps you offer a more competitive benefit that can:
· enhance recruiting and retention
· boost savings rates
· save you and your employees money
· improve retirement readiness and financial wellbeing
Identifying Key Plan Goals
Identifying 401(k) plan goals is a vital first step in effective plan management. Without clearly defined goals, plans often fall short in key areas, including fiduciary governance, investment offerings, participation and engagement.
Here are three common goals business owners should consider as they begin to think about designing a 401(k) benefit that meets their needs, as well as those of their business and employees:
Tax savings for owners | One of the more common ways employers utilize the company’s retirement plan is to maximize their contributions. Whether a pre-tax deferral through a 401(k) and/or by adding a profit sharing contribution, the employer usually works closely with a TPA to find ways to maximize their saving opportunities.
Another way employers use this benefit is by saving through a Roth1. The Roth 401(k) does not have income restrictions, and you can save up to the general 401(k) limit. Roth contributions are a way to add tax planning flexibility in current and future years.
For companies that offer employer contributions – such as a match or profit sharing – they are deductible to the business. This may lower the overall tax burden, especially for sole proprietors, S-Corps, LLCs and other pass-through entity small businesses.2
Proactive initiatives to enhance successful retirements | Much like a parent has their best interest in mind for their children, plan fiduciaries should always act in the best interest of the plan’s participants. In doing so, two ideas that can help are auto enrollment and auto escalation. This is where participants are automatically enrolled into the plan and then contributions are increased gradually over time (typically 1% per year up to 10-15% of earnings). Automatic features have been shown to improve participation and savings rates.
According to a recent study, 90% of participants remain in the plan following automatic enrollment. Moreover, 83% of employees say they don’t mind being auto enrolled at a deferral rate of 6%.3
The third activity is re-enrollment to rebalance participants into an appropriate investment mix. Generally, the participants are re-enrolled into the plan’s QDIA. By doing this, the asset allocation is aligned with the participants risk/reward glide path towards retirement.
Recruit, reward, and retain top talent | When workers are evaluating multiple job offers, the quality of your 401(k) plan can make or break their decision to join your company.
A plan that entices employees to save for retirement at a meaningful rate— by offering employer matching contributions, automatic enrollment and auto escalation, for example— has significant potential to be an attractive benefit that can help you stand out in a competitive labor market.
Providing employees with a powerful retirement plan benefit also enables them to invest more appropriately for the future, including during periods of market turbulence. Having access to a 401(k) plan affords them the advantage of time-tested investing strategies, such as dollar cost averaging, by contributing a portion of every paycheck.
Successful Plan Design Starts with Proactive Planning
Designing a 401(k) benefit that mirrors your goals for the plan may seem intimidating, but it doesn’t have to be. First and foremost, we can help you develop a proactive mindset that defines the plan’s goals and takes the appropriate steps toward achieving them.
No 401(k) plan design is one-size-fits-all, which is why we are here to help you offer a 401(k) plan that reflects your goals and meets the needs of your business and employees.
1 The plan needs to allow Roth contributions.
2 Please consult your plan’s Third Party Administrator (TPA) and tax advisor for specific details.
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
FMN Q4 Newsletter: 2022 Adapting to Change Edition
As 2022 ends, it is time to shift your focus to optimizing your workplace and workforce. The future looks toward powerful partnerships between employers and service providers, successful financial wellness programs and smooth 401(k) plan transitions.
Get excited for the Q4 2022 Newsletter: Adapting to Change Edition.
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Video: 4 Ways You Can Benefit from Working With a 401(k) Advisor
As a 401(k)-plan sponsor, you manage everything from fiduciary duties to investment monitoring and plan design optimization to employee engagement. We all know that each of those responsibilities has a million and one components, however, you don’t have to do it alone.
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Plan Sponsor Guide: Digital Communications – 7 Employer Considerations for a Rewarding Workplace Retirement Plan
Do you want to get the most out of your retirement plan?
A plan should benefit both the employer and employees. It’s important to review your plan regularly to learn if more efficient plan design options are available.
Download the Guide: Here are 7 considerations for a rewarding workplace retirement plan.
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original int
Build a 401(k) Dream Team with the Power of Partnership
Leverage service providers to help your 401(k) plan run more smoothly.
As a retirement plan sponsor, you are a valuable member of a team that includes your recordkeeper, third party administrator (TPA), financial wellness provider and retirement plan advisor. Each member must uphold their roles and responsibilities to maintain a stable and well- standing retirement plan. Much like a table, if one leg fails to support it, you may find yourself with a mess on your hands.
Your retirement plan service providers can help support critical functions such as recordkeeping, plan design, compliance, administration, participant education, investment selection, management and monitoring — all while keeping costs reasonable.
To be sure, partnering with a team of supportive, knowledgeable providers has the potential to contribute to the success of your 401(k) plan and make your life easier.
The Benefits of Partnership
Many plan sponsors opt to outsource to a small, but mighty, team of partners for support with various duties, from plan governance and administration to investment management and financial wellness. Depending upon the provider, some responsibilities may overlap. For instance, some recordkeepers have responded to the financial uncertainty of the past few years by offering emergency savings products that employers can provide as an employee benefit. In the past, these products were primarily in the hands of financial wellness providers.
Generally, however, plan sponsors can get the best “bang for their buck” by utilizing providers according to their strengths. For example, a TPA likely has expertise when it comes to compliance testing, while a recordkeeper may be more knowledgeable about integrating payroll systems and keeping tabs on key plan and participant data.
Partnering with external service providers can deliver several benefits for plan sponsors and participants including improvements in:
· Ease of administration
· Plan effectiveness
· Employee engagement and participation
· Employers’ confidence in their role as a plan fiduciary and
· Employees’ feelings of financial security and well-being.
Keep in mind that outsourcing doesn’t absolve you or your retirement plan committee of fiduciary duties. Ultimately, you are responsible for ensuring that plan providers fulfill their responsibilities and deliver a level of value and service that’s worthy of their fees. That said, these partnerships can help lighten your load and allow you to focus on your core competencies while benefiting from solid partnerships with quality providers.
Who Does What?
In short, there is no cut-and-dry answer. Providers will have varying services and specialties in the areas of 401(k) plan management. In the case of redundancies, you may choose to assign specific responsibilities to the vendors you determine are the most qualified.
Generally speaking, here are some of the 401(k) plan responsibilities your recordkeeper, third party administrator, financial wellness provider and retirement plan advisor partners may take on in whole or in part:
Recordkeeper*
· Processing enrollments
· Managing and tracking participant investments
· Monitoring contribution sources (pre-tax vs. Roth vs. employer match, etc.)
· Keeping track of 401(k) loans and hardship withdrawals
· Generation and distribution of participant account statements
· Providing customer support for plan sponsors and participants
Third Party Administrator (TPA)*
· Managing and monitoring plan compliance and nondiscrimination testing
· Maintaining the accuracy of participant data, including eligibility, vesting, deferrals and loan
distributions, qualified domestic relations orders (QDRO) and required minimum distributions
(RMDs)
· Assisting in preparation of annual Form 5500
· Reconciliation of participant accounts and related errors
· Independent client census review and reconciliations
· Administration and monitoring of participant contributions, data reports and investment fees
· Providing periodic plan reviews and audit support
Financial Wellness Provider*
· Providing financial education for employees
· Facilitation and deliverance of employee benefit offerings, such as emergency savings accounts,
student loan repayment assistance, etc.
· Can help employees reduce financial stress that impacts workplace productivity
· Potentially reduce costs associated with employee turnover
Retirement Plan Advisor*
· Comprehensive plan reviews
· Investment monitoring
· Fee benchmarking
· Provider liaison
· Employer & employee advocacy
· Compliance assistance
· Plan design education
· Employee education & enrollment
· Retirement readiness reporting
* This list is not a complete list. Contact your service provider for an accurate list of services provided to your plan.
Building Your Dream Team
No two plans are alike, so your best bet may be to determine what works for your business and employees and make sure your provider partners deliver on those expectations.
We help our clients evaluate their current service providers, the tools and technology they offer and the value they bring. If you have questions about how to optimize your plan provider partner relationships, we can help. Contact us for additional guidance and to learn more about partnership opportunities.
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original int
4 Simple Steps to Help Understand the Transition to a New 401(k) Recordkeeper
Learn what to expect when changing recordkeepers to avoid unpleasant surprises.
Change can be exciting but is sometimes stressful. Transitioning to a new 401(k) recordkeeper shouldn’t be a taxing experience. In this article, we’re going to take you step-by-step through the events that may take place and provide inside knowledge about what to expect, so there are few surprises for you. With our clients, we have found that when they are properly prepared for the events ahead, everyone experiences a smooth recordkeeper transition process.
Step 1 | Recognition
Congratulations! Recognizing the need for change is the first step toward finding a solution. In this case, you have decided to move to a new retirement plan recordkeeper. Chances are, you have evaluated a few different options, then based on your plan’s needs, you selected the best one.
To officially begin the relationship, your new recordkeeper will request New Business Paperwork. That typically involves:
Retirement plan contract
New investment selections
QDIA option
Safe Harbor IRA provider (if applicable)
TPA coordination (plan documents, amendments, valuations, Form 5500 and/or additional documents)
These are the initial documents needed to move forward and begin the transition process.
Step 2 | Review
Once all the above documents are received, your recordkeeper relationship manager will review them and confirm that the information is in good order. Typically, this process takes a few days to a couple of weeks, depending upon how quickly the documents are received and reviewed.
Keep in mind that this is an opportune time to make changes to your current retirement plan. For example, if you have been thinking about auto-enrollment, auto-escalation, plan design changes, force-out provisions or other adjustments, now is the ideal time to discuss them and update your plan prior to implementation.
Step 3 | Setup
There are four important functions going on during this time:
Payroll. The new recordkeeper will walk your team through the process of uploading and submitting payroll. If not already provided, they will most likely ask for a company census to assist with the initial upload.
Transfer of assets. By now, your former recordkeeper has been informed that your plan is moving to a new recordkeeper. The formal process is begun by sending a Liquidation Request letter to your former recordkeeper. Most recordkeepers have a department that specializes in transfers. Your new department will work together with your old one to coordinate the transfer of assets. The next step is to distribute a Blackout Notice to your employees, which notifies them that for a window of time (usually between 3 – 10 days), they will not be able to make any changes to their retirement plan account. This is when the entire plan’s assets are in motion (meaning being transferred).
Account openings. Your participants accounts are opened on the new recordkeeper’s system. These accounts are not funded at this time because the assets are in transit. Once the assets are transferred, your participants will see the same accrued account balances.
Enrollment meetings. Let’s get excited: it’s time to enroll and educate your employees about the new recordkeeper and the opportunity to share details of any new capabilities. These may include online tools, financial wellness resources, income projections and more. Depending upon how the plan is setup and potential enhancements to design features, meetings are a way to inform employees about how you are helping them on their savings journey toward retirement.
Also, remember to communicate with former participants with an account balance. They are still active members of the plan and need to be informed of changes.
Step 4 | Completion
The plan conversion is nearly complete. The last steps include the transfer of assets, followed by the confirmation that everything has been successfully transferred and allocated into the correct participant accounts. The final stage effectively ends the Blackout Notice period, meaning your plan participants can view their account balances and make investment changes.
Going forward, all new payroll uploads will happen on the new recordkeeper’s platform, and your dedicated relationship manager will be available for questions, comments and ongoing support.
In This Together
For our clients, we aim to provide clarity and consistent communication throughout the recordkeeper conversion process. We realize that this is outside the normal course of business, which is why we are here to guide you step-by-step through the process. Changing retirement plan recordkeepers can be stressful, but we have found that when our clients are prepared beforehand, the process is much more effective, making the conversion a win-win-win process for you, your business and your employees.
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Participant Infographic: Digital Communications – 8 Credit Building Tips for the Modern American
Credit is your financial reputation. It shows financial organizations how reliable you are when re- paying money or following through with terms of a contract.
The quality of your credit can impact:
· Housing affordability
· Loan qualification
· Interest rates
· Credit card qualification
· Credit card limits
Attaining a good credit score shouldn’t intimidate anyone. Here are some helpful tips to build and repair credit for long lasting impact.
CTA: 8 Credit Building Tips for the Modern American
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent
5 Financial Wellness Tips Your Employees Will Thank You For
A financial wellness program can be an extremely valuable benefit, learn how it can help employees reduce stress while improving workplace productivity.
Financial wellness programs are becoming an important benefit for companies of all sizes. In 2021, almost half (46%) of all employers offered financial wellness programs, up from 40% in 2020.
Additionally, interest from the workforce increased as they assessed how their finances were impacted due to the COVID-19 pandemic.1
The primary focus of a financial wellness program is to provide education and resources to help employees better manage their finances and reduce related stress. A recent survey found that 60% of workers were concerned about their current level of debt, adding to their financial stress.
Employees are seeking opportunities to improve their well-being, and many are interested in benefits like access to a financial professional (56%), financial planning tools (62%) and financial education (54%).2
What’s in a Financial Wellness Program?
Companies can offer a variety of financial topics to assist employees. Financial wellness programs should address every aspect of a participant’s life while offering support around:
● Budgeting basics
● Managing debt (including student loan repayment)
● Credit counseling, including how to build credit
● Emergency and long-term savings strategies
● Understanding financial implications of their healthcare plan choice
● Risk management and insurance planning
● Retirement planning
● Estate planning (including wills and trusts)
● Access to financial advisors
Addressing each of these components can be accomplished in several ways, including regular employee meetings and providing financial how-to materials from reputable sources. Setting up access or classes with a financial advisor is a good first step to address a wide range of financial topics.
Tips for Building a Powerful Program
Here are 5 key recommendations to help plan, implement and maintain a powerful financial wellness program:
1. Prioritize employee needs. Understanding the specific hurdles your employees face is an important step toward providing the resources and education when they need it.
2. Empower employees. Provide support for employees at every stage of their savings journey so they can keep control of their financial futures and work toward retirement goals.
3. Provide education. To encourage good financial habits, provide education to employees that helps assess their current situation and plan for what’s next.
4. Diversity matters. A workforce is often a unique blend of genders, ages and backgrounds, so it is important to adapt support and education to address individual needs.
5. Think digital. Employees are increasingly more comfortable using digital apps, which can be useful in keeping employees engaged and empowered.
Different Strokes
Each of your employees are in different stages of their savings journey. For example, when it comes to retirement readiness, many workers fall into two categories: “undersavers” (not saving enough for retirement) or “oversavers” (those who have saved enough to achieve financial goals but are still working, saving and limiting expenditures). Ensuring you have financial wellness initiatives in place that address the specific and unique needs of a wide spectrum of savers is a key component of any financial benefits program.
More Than a “Feel-good” Benefit
While employers may consider starting a financial wellness program because it’s the right thing to do, it’s more than just a “feel-good” benefit. Helping employees reduce their personal financial stress can also have a number of positive impacts on the overall workplace. Each week, workers spend an average of 9.2 hours addressing their personal finances while at work. Improving employees’ financial well-being could have a positive ripple effect:3
● 86% responded that the help would drive their productivity
● Nearly 9 out of 10 said it would improve their desire to stay with their employer
● Reducing financial stress would increase job satisfaction and engagement at work (84%) improve workers’ ability to focus (84%); and improve mental (84%) and physical (80%) health
Overall, employers of all sizes can implement some aspect of a financial wellness program to help employees reduce financial stress, improve personal well-being and get on the path toward financial security. We are here to help when you are ready to discuss your retirement plan needs and its financial wellness strategy.
2 https://www.franklintempleton.com/insights/research-findings/voice-of-the-american-worker-survey
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent
FMN Q3 Newsletter: NEWS AND INFORMATION FOR EMPLOYERS: Optimizing Savings Strategies
Use these insights and help optimize your 401(k) plan to align with savings and talent management strategies.
· Identify SECURE Act tax incentives that may help you and your employees
· Help employers maximize savings and minimize taxes
· Improve workers’ financial well-being with new innovative approaches
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Video: Advantages of Retirement Plan Auto Features
With certain 401(k) automatic features turned on, you can allow your employees to save more while lightening your administrative workload.
Advantages:
· Increases participation in the retirement plan
· Provides automation of administrative tasks
· Employer tax credit of $500 per year for the first 3 years
See how these features fit into your workplace for streamlined administration and enhanced retirement plan savings.
CTA: Watch the Video
Contact Information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Plan Sponsor Guide: 3 Tips To Help Build and Run a Successful Retirement Plan Committee
If you are looking for ways to improve fiduciary oversight and strengthen your company's retirement plan, a committee is one of the best places to start. A committee is responsible for the fiduciary oversight of your retirement plan by determining plan administration, investment offerings, costs and enhanced features.
There are fundamental building blocks to running a great committee. Download the guide below to see how it works.
CTA: Download the Guide
CONTACT INFORMATION:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.co
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
3 Fresh Ideas to Help Boost Your Employees’ Retirement Savings
3 Fresh Ideas to Help Boost Your Employees’ Retirement Savings
Innovative and creative approaches to help your company stand out while improving workers’ financial well-being
How can your company stand out from the competition so you can recruit and retain quality talent? At the same time, how do you encourage your workforce to continue saving for retirement when immediate financial needs are pressing?
Innovative and creative approaches such as “fresh starts”, webinars and auto-features may be the answer. This trio may help strengthen recruiting efforts, increase employee loyalty and boost 401(k) savings rates since these initiatives show that your company cares about its workers 'financial well-being. [1]
What is a “Fresh Start”?
A “fresh start” is a moment that feels like a new beginning. Therefore, it acts as a catalyst for positive change that motivates individuals to pursue long-term goals and make future-focused choices.[2]
Easy examples of fresh starts include:
- New Years
- Birthdays
- First day of fall
Fresh Start Thinking Can Help Boost 401(k) Savings
More than ever, it’s critical for employers to find effective ways of encouraging employees to save more for retirement. This is especially true because employees are in charge of deciding how much to save; but unfortunately, they often don’t set aside enough to reach their goals. As such, fresh start framing can serve as a nudge to employees to increase their savings meaningfully. This is significant because prior research indicates that simple nudges, such as suggesting how much to save, can motivate workers to contribute to their retirement accounts at work.[3]
The fresh start research has found that in the eight months following notifications offering employees an opportunity to increase their deferrals, retirement plan contributions improved.[4] In light of these findings, using fresh start framing is a powerful strategy to use in your participant communications that may be an effective way to increase 401(k) deferrals.
Financial Wellness Webinars Make a Positive Impact
As employers continue to navigate the new normal, they are turning to financial wellness initiatives to address employees’ financial stress and retirement preparedness. Beyond improving retention and hiring, employers are committed to moving the needle on employee behaviors, including increasing worker satisfaction and productivity, reducing money-related stress and improving the use of retirement plan benefits.
Recent research has found that financial wellness webinars are effective in helping to accomplish these goals, particularly in increasing 401(k) savings rates. Depending upon the age and contribution level, deferrals rose an estimated $649 to $988 after participants attended a financial wellness webinar on any topic. In addition, attending a budgeting webinar was positively correlated with increased 401(k) contributions.[5]
Plan Sponsors Look To Enhance Auto Features
Automatic plan design features have long been praised for their effectiveness in increasing 401(k) plan participation and savings rates. The two most popular auto features include:
- Automatic enrollment where employees are automatically defaulted into the plan at a specific date and savings rate.
- Automatic escalation where participant contribution rates are increased gradually over time.
Over the next two years, 28% of plan sponsors are considering enhancing their automatic deferral features, while 23% are considering changes to a plan contribution feature.[6]
Nearly a quarter (22%) of plan sponsors are considering adopting changes to auto-escalation features, while 18% are contemplating enhancements to auto-enrollment.[7]
These findings demonstrate that employers continue to seek ways to support employees retirement savings and are committed to fostering an improved sense of financial well-being in their workforce.[8]
Greater Financial Well-Being
If you are looking to improve financial well-being, plan participation and savings rates for your employees, it may be time to consider leveraging auto features and financial wellness resources. But you don’t have to do it alone. Contact us to learn more about how to use these three fresh ideas to improve retirement readiness at your organization.
[1] WTW. “2022: The Next Evolution of DC Plans Survey.” Feb. 2022.
[1] Benartzi, Shlomo, et al. “Using Fresh Starts to Nudge Increased Retirement Savings.” Jun. 2021.
[2] Benartzi, Shlomo, et al. “Using Fresh Starts to Nudge Increased Retirement Savings.” Jun. 2021.
[3] Goldin, Jacob, et al. “How Much to Save? Decision Costs and Retirement Plan Participation.” Jul. 2020.
[4] Benartzi, Shlomo, et al. “Using Fresh Starts to Nudge Increased Retirement Savings.” Jun. 2021.
[5] EBRI. “Field of Dreams? Measuring the Impact of Financial Wellbeing Initiatives on 401(k) Plan Utilization.” Mar. 2022.
[6] WTW. “2022: The Next Evolution of DC Plans Survey.” Feb. 2022.
[7] WTW. “2022: The Next Evolution of DC Plans Survey.” Feb. 2022.
[8] WTW. “2022: The Next Evolution of DC Plans Survey.” Feb. 2022.
CONTACT INFORMATION:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
5 Ways Business Owners Can Optimize Retirement Savings
5 Ways Business Owners Can Optimize Retirement Savings
Key strategies to help employers maximize savings and minimize taxes
As a business owner, you have the ability to pull certain levers to increase retirement savings while controlling tax consequences. By understanding how different qualified plans can deploy savings and tax strategies, you can optimize cash flow for your retirement future.
$20,500 Retirement Savings and Tax Strategies
A Safe Harbor 401(k) is a type of retirement plan that allows employers to max out their annual salary deferral. As the owner, you can defer up to $20,500 in salary in either:
• Pre-tax 401(k). Take the income tax deduction today and push the taxes to the future.
o PRO TIP: If your marginal tax bracket is near a threshold that could affect other tax liabilities, take the salary deduction to stay below the cut off.
• Roth contribution. Pay the taxes now. Your account grows tax-free; and when you access your account in retirement, it is also tax-free. Of course, the 401(k) plan would need to allow for a Roth contribution.
o PRO TIP: Having access to tax-free money in retirement allows you to adjust your taxable income up and down based on your future needs.
For people over 50 years old, you can also add a “catch-up” contribution of $6,500 annually to your account.
To get these benefits, employers are required to make a contribution for employees. Generally speaking, a Safe Harbor contribution costs the employer between 3 – 4% of gross eligible salaries. From a tax planning perspective, employer contributions are deductible on the company’s federal income tax return.
For employers that want to max out their own 401(k) annual deferral and avoid certain plan design tests and provide an incentive for employees, a Safe Harbor 401(k) Plan may be right for you.
$61,000 Retirement Savings and Tax Strategies
For owners looking to save around $61,000 per year, there is a 401(k) Cross Tested / New Comparability Plan option. This calculation method combines the 401(k) with a profit share. Profit sharing employer contributions are generally tax deductible.
What makes these plans unique is that business owners can select certain groups of employees to participate in the profit sharing portion of the plan, but the plan will need to be tested so the benefits do not discriminate in favor of highly-compensated employees.[1]
Employers can set when and how much to contribute to these plans, which can be changed annually. Contribution limits are the lesser of 100% of compensation or $61,000 for 2022 (and $67,500 if over 50 years old).[2] Advanced plan design is necessary, and these plans typically cost more to administer.T
Taxed Now, Flexibility Later
If the ability to adjust your taxable income sounds interesting, then a Roth Conversion may be worth exploring.
With respect to 401(k) plans, it is the transfer of funds from a traditional pre-tax 401(k) into a Roth 401(k). Account owners pay tax on the money they convert and are eligible to make tax-free withdrawals from the account in the future. From a tax planning perspective, this approach requires taxes to be paid up-front versus when you retire. This can be helpful if you expect to be in a higher tax bracket at retirement.
• PRO TIP: If your taxable income is between marginal tax brackets, consider converting the
amount that reaches the upper limit. This strategy doesn’t trigger a higher tax bracket and may help with future tax planning.
·From an estate planning perspective, Roth IRAs are not subject to required minimum distributions.[3]
$200,000 Retirement Savings and Tax Planning
Looking for large tax deductions and rapid retirement plan savings? A Cash Balance plan may be an option. The pre-tax account is an above-the-line tax deduction.
Cash Balance plans are best for owners who:
• Have a steady and consistent revenue
• Already contribute 5% or more towards employee retirement benefits
• Are comfortable with advanced plan design
Keep in mind, the investment risks are borne solely by the employer, so it’s very important that you understand the details of a Cash Balance plan before implementing one.
Triple Tax Savings
For employers offering a high-deductible health plan, you can also setup a Health Savings Account (HSA). These accounts are funded with pre-tax dollars, the account grows tax-free and the money is income tax-free (when spent on qualifying medical expenses).
For 2022, the HSA limit is $7,300 for families and $3,650 for individuals. HSA dollars can be invested in the stock market, which means they could grow over time. Therefore, if you start saving through your HSA as part of a retirement planning strategy, you could have access to another bucket of tax-free money for medical expenses. When the average American’s health care costs are $300,000, wouldn’t it be nice if the money was triple tax-free?
Worth a Conversation
With so many different retirement savings options available for business owners, it’s important to work with a qualified financial advisor. We can help you set up the right plan(s), discuss tax planning strategies and help you find the best option to optimize your retirement savings.
[1] Internal Revenue Service. “Choosing a Retirement Plan: Profit-Sharing.” 2022.
[2] Internal Revenue Service. “Choosing a Retirement Plan: Profit-Sharing.” 2022.
[3] Kagan, Julia. “Roth IRA Conversion.” Investopedia. 5 Mar. 2022.
CONTACT INFORMATION:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
PARTICIPANT INFOGRAPHIC: 401(K) DISTRIBUTION OPTIONS TO TAKE CHARGE OF YOUR RETIREMENT SAVINGS
The average American will change jobs 12 times. Searching for a better quality of life, workplace benefits or change of scenery has led Americans to move careers, with frequency.
But what happens to their old 401(k) account? Help your employees understand their four options. Share this helpful infographic that breaks down the pros and cons of each distribution.
CTA: Download the Guide to 401(k) Distributions
CONTACT INFORMATION:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be obtained on your own separate from this educational material.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Don't Miss Out: SECURE Act Tax Credits & 401(k) Plan Features
Don't Miss Out: SECURE Act Tax Credits & 401(k) Plan Features
The most comprehensive pension reform in 20 years, the SECURE Act, is a step forward to allow people greater access to retirement plans.
The Act hopes to expand retirement savings while alleviating administrative headaches. As such, the SECURE Act includes incentives such as:
• Tax credits to encourage business owners to set up a workplace retirement plan
• 401(k) plan design features to help employees better prepare for their futures
• Administrative improvements for managing a retirement plan
Tax Credits for Small Businesses
Tax credits for eligible employers are designed to alleviate some of the 401(k) start-up costs and incentivize businesses with 100 or fewer employees to offer a retirement plan.
Two credits are available:
• Startup costs: A tax credit of 50% of eligible startup costs up to $5,000 for each of the plan’s first three years.
• Auto-enrollment credit. An additional tax credit of $500 per year for a three-year period for offering auto-enrollment into the plan.
This equates to up to $5,500 a year, or $16,500 over three-years for an employer who takes advantage of both tax credits.
401(k) Plan Design Features
There are countless ways to design a retirement plan, from the type of plan and available features, to who is eligible and how much they can contribute. Here we highlight a few of the SECURE Act provisions that may enhance your retirement plan design for today’s generationally diverse workforce.
• Increased default savings cap. To help boost savings, the SECURE Act allows safe harbor plans with automatic-enrollment to increase the auto-escalation cap from 10% to 15% of an employee's paycheck. This means that plans can be set to automatically increase each year until employees reach a retirement deferral rate of 15%. Of course, employees can opt out at any time.
• Plan eligibility for part-time employees. Prior to the passage of the SECURE Act, part-time employees could be excluded from participating in the 401(k) plan. Now part-time employees who work at least 500 hours per year in the preceding three years are able to make elective deferrals. However, employers are not required to match these contributions.
· Extended saving options for pre-retirees. With a quarter of the workforce made up of Baby Boomers,1 many are looking to save longer. The SECURE Act has raised the required minimum distribution (RMD) age from 70 ½ to 72 (and this looks to be extended further with the pending passage of the SECURE Act 2.0). Participants born on or after July 1, 1949, can save longer without being required to withdraw from their tax-deferred retirement account.
· Lifetime income illustrations. These projections are designed to give participants an idea of what their account balance would provide as a monthly income amount, beginning at age 67 if the balance was annuitized. The purpose of the illustrations is to help participants learn whether they’re on track to retire comfortably.
Administrative Improvements
The SECURE Act also aimed to alleviate some of the administrative burdens that come with managing a company-sponsored retirement plan.
Plan sponsors can easily switch to a safe harbor with non-elective contributions:
· At 3% at any time before the 30th day before close of the plan year,
· On or after the 30th day before the end of the following plan year, but the contribution must be increased to 4%, and
· Eliminates safe harbor notice requirements for plans, providing non-elective contributions.
Keeping Your Plan SECURE
While this is a sampling of the exciting and beneficial elements of the most comprehensive retirement plan reform in two decades, there is so much more in the original and the upcoming SECURE Act 2.0.
This is where we come in. Contact us to learn more about the current features, requirements and options to enhance your retirement plan.
CONTACT INFORMATION:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.
Newsletter: Current Trends and Projections Edition
Over the last few years, employees’ mindsets have changed, shifting to wanting more than just a raise every year.
Employees want a total rewards package that includes everything from a retirement plan to financial wellness and more work-life balance flexibility.
Read about the changes coming to the total rewards landscape such as guaranteed income, how to calm inflation concerns and the top total rewards opportunities this year.
Contact information:
CURTIS S. FARRELL, CFP®, AIF®
949.455.0300 x222
cfarrell@fmncc.com
ARAN SAHAGUN, CRPS®
949.455.0300 x210
asahagun@fmncc.com
Disclosures:
Investment advisory services are offered by Financial Management Network, Inc. (“FMN”) and securities offered through FMN Capital Corporation, (“FMNCC”), member FINRA & SIPC.
This information was developed as a general guide to educate plan sponsors and is not intended as authoritative guidance or tax/legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation.
©401(k) Marketing, LLC. All rights reserved. Proprietary and confidential. Do not copy or distribute outside original intent.