Broker Check

Retirement Plan Services

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Retirement Planning for Businesses</span>

Retirement Planning for Businesses

If you’re ready to set up or review your retirement plan for your business, our financial advisors at Juno Financial Group will take care of the complex process for you. We assist with a customized plan design that fits your needs. We’ll ensure your plan complies with current regulations, and we’ll even educate your employees about the retirement plan benefits.

There are different considerations for setting up an employer-sponsored retirement plan. You need to know who will be in charge of administering the plan and making investment decisions in compliance with ERISA regulations. The plan also needs to fit your budget and provide meaningful benefits to your employees. When you work with us, we can take on a consulting role or manage all the retirement planning for you.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">What&#8217;s Involved in Setting up a Retirement Plan</span>

What’s Involved in Setting up a Retirement Plan

Setting up a retirement plan involves ongoing reviews and management, but you don’t have to do all the work yourself. Our team provides quarterly investment reviews and annual plan reviews to ensure your retirement plan is set up the way you want. We’ll also oversee the onboarding process and coordinate with your plan’s trustees, record keepers, and advisors. 

As the employer, you have the responsibility to educate your employees about their retirement plan options. We will personally conduct engaging employee education and enrollment meetings for you. We can even meet with the plan participants individually to help them with their retirement plan. We’ll also give your employees access to financial advice to help them make the best decision about their retirement plan.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">ERISA 3(21) and 3(38) Investment Fiduciary Services</span>

ERISA 3(21) and 3(38) Investment Fiduciary Services

The person responsible for the management or oversight of the plan is called the fiduciary. Under ERISA, the Employee Retirement Income Security Act, the fiduciary of the retirement account has a legal obligation to act in the best interests of the plan’s participants. 

There are two types of fiduciaries: 3(21) and 3(38) fiduciaries. A 3(21) fiduciary only acts as an advisor but they don’t have any decision-making authority. 3(38) fiduciaries actually make decisions about what to include in the retirement plan, and they manage the investments on an ongoing basis. If you don’t want to take personal responsibility for your plan, you want to work with a 3(38) fiduciary.

Retirement Plans for Businesses in Your Industry

Having a retirement plan can help you attract and retain employees. As an employer, you want to provide your employees with meaningful retirement benefits to reward them for their services and build loyalty. We have helped businesses in a variety of industries by creating and administering customized employer-sponsored retirement plans. 

Here are some examples of the industries we’ve worked in:

  • Aviation
  • Construction
  • Healthcare
  • Information technology
  • Medical
  • Legal
  • Manufacturing
  • Production
  • Real estate
  • Engineering
  • Retail
  • Transportation/logistics
  • Accounting
  • Insurance

Retirement plans for aviation businesses may share characteristics with the employer-sponsored plan for an insurance company, but every business has unique requirements. We’re here to help you make the best decision about your retirement plan from startup to enrollment and ongoing management.

FAQs about Retirement Planning for Businesses

What Are My Legal Requirements for Sponsoring a Plan?

Under ERISA, you have a legal responsibility to do your due diligence before choosing a service provider for your plan. The administrative costs of the retirement plan must be reasonable and any plan benefits have to be distributed only to the participants of the plan. We’ll ensure you meet all legal obligations under ERISA with our fiduciary services. 

Should I Hire a Retirement Plan Administrator?

As a business owner, you probably don’t have time to manage the company’s retirement plan. For a small business, it might be simple to collect and credit the funds to each participant’s account, but you also have to file annual tax returns, send payments to the beneficiaries, and deal with any concerns or complaints. If you want to outsource your jobs as a plan administrator, we can help. 

Who Serves As a Fiduciary for My Company’s Retirement Plan?

The plan’s fiduciary must act solely in the interests of the plan participants and beneficiaries. If you take on the fiduciary role yourself, you carry the legal responsibility. Therefore, we recommend working with a professional fiduciary who can take on the administration and operation of the plan and make investment decisions.

We’ll Help You Create Your Company’s Retirement Plan

Setting up a retirement plan near Richmond, VA, is a complex process with legal requirements you are required to meet. Our team can help you select the best retirement for your company and take on the day-to-day duties of managing the plan. We’ll even work as your fiduciary and make investment decisions in the interests of the plan participants. Talk to our team at Juno Financial Group today about your company’s retirement plan.

For more information about our firm and the services we offer, send us a quick email or call the office. We would appreciate the opportunity to speak with you.