Workplace Retirement Plans

Our Retirement Plan Is "Fine"

When we talk with leaders about their organization’s retirement plans, we hear over and over that “Our plan is fine; we don’t really hear any complaints”. There is low motivation to take the time to bring us in as a retirement plan consulting firm to review the plan. That was how Brian felt when we were first introduced to him. Like any good leader, Brian wanted to spend his time on things that would have the biggest positive impact for his organization and the retirement plan was not at the top of that list. As we worked with Brian on other business and financial issues and informed him of insights and benefits, he finally agreed to let us take a look at the retirement plan. In our analysis we found that:

  • Brian and his executive team could get a lot more retirement benefits and save substantial taxes in the process by making changes to the retirement plan’s design. As time has gone by, Brian has accumulated serious money in a 401(k) plan that is exempt from creditors, providing security for him and his family regardless of what happens to his business or other investments.
  • Their plan was overpriced. Like a mortgage loan that is 10 years old may have an interest rate that is too high in today’s low rate environment, his retirement plan had high and outdated pricing.
  • Their retirement plan platform was out of date. Just like our smart phones look a lot different today than the flip phones or Blackberries we carried 10 years ago, their retirement plan platform was due for an upgrade.
  • Many employees were not on track to save enough. We met with employees face to face both in a group and one-on-one for an engaging, jargon-free session to help them assess whether they are on track for retirement and made it easy for them to make the tweaks they needed to make to get on track.

For a free assessment of your retirement plan, give us a call today!

Actual performance and results will vary. These case studies do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted regarding your specific situation.