Plan Evaluation and Design
We can help you evaluate your current plan to determine if it's meeting objectives such as:
- Maximizing participation rates among your employees.
- Offering a diversified mix of cost-efficient investment options.
- Providing access to in-person and online educational resources.
- Keeping plan-related costs reasonable.
- Minimizing the regulatory risks of "top-heavy" participation among business owners and executives.
If we determine that your current plan is not meeting all of your company's objectives, we can work with you to negotiate changes with your current service providers or coordinate a search process for possible alternative providers. Or, If you are establishing your organization's first retirement plan, we can help you determine which retirement plan design will be most effective for your situation.
Fiduciary Oversight
Your primary responsibility as a plan sponsor is to achieve and document your compliance with the myriad of government regulations governing qualified retirement plans. And as the fiduciary for your plan, you are required to act in the best interests of plan participants. We can work with you to help you make sure you are in compliance with:
- Department of Labor regulations that define your responsibilities for managing your plan and for evaluating and selecting investment options.
- Internal Revenue Service requirements, such as the annual filing of Form 5500.
Canby Financial Advisors can also serve as your fiduciary consultant to make sure you are offering a diversified, cost-efficient mix of investment choices for your employees.
Participant Education
We can provide educational services to encourage your employees to participate in your plan and to gain a deeper understanding of the benefits of saving for retirement and making informed investment choices. These include:
- Holding on-site or virtual enrollment meetings to explain plan details, describe your plan's investment options and educate then on various aspects of retirement planning.
- Destination: Retirement, our quarterly plan participant newsletter that offers useful information on a variety of retirement and investment topics. The newsletter includes contact information for your Canby Financial Advisor to encourage them to call us, rather than you, if they have questions about their plan.
Retirement Plan Options
We can assist you and your organization with the following types of retirement plans:
- 401(k) plans with pre-tax and Roth 401(k) after-tax salary deferrals, discretionary matching and profit sharing contributions.
- Safe harbor 401(k) plans with required employer contributions but reduced compliance testing.
- 403(b) programs for education, health, and religious organizations and their employees.
- Profit-sharing plans—straight, age-weighted and new comparability designs, with or without social security integration.
- Defined benefit plans, including cash balance plans.
- SIMPLE IRA plans for small employers with less than 25 employees looking for reduced costs.
- Individual 401(k) plans, for one-person businesses and their family members.
If you are in the early stages of starting a retirement plan, we can help you figure out which plan design makes sense for your business and your employees.
