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.
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.
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.