I have a Plan
- Fiduciary Services
One of the scariest parts of offering a 401(k) plan to your employees is playing the role of a fiduciary and plan sponsor. This also implies accepting the responsibilities that accompany the role. At RPC we can function as a 3(38) and/or 3(21) investment fiduciary to the plan. When operating in this capacity we assume the risk of litigation and liability that comes with selecting investments and advising the plans committee. Outside of the investment fiduciary role we will also help you understand and perform your own responsibilities through ongoing education.
- Plan Design
401(k) plans are extremely flexible and can be designed in an almost infinite number of ways. Match, eligibility, and vesting are just a few of the features you can customize. Proper plan design can drastically change what employees and business owners get out of the benefit. When RPC takes over as an advisor on your 401(k) plan, one of the first things we will do is review your current plan design and discuss any possibilities that may make your plan run even better so that the plan can become a valuable tool for your company.
- Education
Just having a retirement plan option is often not enough. Employees deserve excellent investment advice and top-notch financial education. When RPC takes over as the advisor to your plan, we will also provide best in class financial wellness tools, education programs, proprietary classes, and materials.
- Investments
Anyone can build an investment lineup if properly educated. This includes your plan’s fund lineup. RPC has many tools at our disposal to help the plan stay ahead of the curve. Tools range from proprietary reports and analysis projections to trailing return analysis and metrics. In addition to all these resources, RPC runs investment benchmarking reports Quarterly to evaluate and score every investment option offered by your plan on a 12-point quantitative and qualitative scale. This helps you as a plan sponsor understand the ins and outs of the investment lineup offerings.
- Plan Administration
Many employers worry about the administrative hassle that often comes with offering a 401(k). When you start a plan at RPC, we negotiate to ensure that your service providers take on as much of the workload as possible.
- Plan Benchmarking Services
As part of our third party liaison services, RPC regularly will benchmark your plan to ensure that you are being provided with top services for the expenses that are collected. This includes RFP’s and Third-Party negotiations when fees come back high on benchmarking reports.
I Want to Start a Plan
- Why start a 401k?
401(k) Plans have many benefits for you as an employer. By offering a 401(k) plan, companies can help workers take the first step towards getting retirement ready and preparing for the future. Along with helping them prepare for the future 401(k) plan s help you retain more quality talent inside of your organization. There are also many potential tax advantages to offering a 401(k) plan*. If you are starting a new plan, you may receive a possible tax credit of up to $500 for startup administrative costs each of the first three years of the plan*. Claim your federal tax credits today while investing in your employees tomorrow. A 401(k) plan can be a great way to recruit and retain employees, while also benefiting owners from a tax standpoint.
*1. Please consult your tax or legal advisor to determine if you are eligible for this federal tax credit. - How do I Start a 401k?
In today’s world, retirement plans are typically designed to be easy to set up, administered and maintained. We can help you in handling complicated and time-consuming plan administration tasks, all while helping to reduce the risk of errors. 401(k) plans are extremely flexible and can be designed in an almost infinite number of ways. The way you design your plan can drastically change what employees and business owners get out of the benefit. The first step is deciding how you would like your plan structured. Often talking with a design professional can go a long way. Talk to a design professional. .
- Tax credit & Incentives?
On Dec 29th, 2022, Congress passed the SECURE ACT 2.0. A major part of this bill was to increase tax credits for small businesses that start offering retirement plans. Your business could qualify for up to $55,000 in tax credits. You can use these funds to put money directly into your employee’s pockets. *
*1. Please consult your tax or legal advisor to determine if you are eligible for this federal tax credit. - How do I mitigate the fiduciary risk of offering a plan?
One of the scariest parts of offering a 401(k) plan to your employees is playing the title of a fiduciary and plan sponsor. This also implies accepting the responsibilities that accompany the role. At RPC we can function as a 3(38) and/or 3(21) invest fiduciary to the plan. When operating in this capacity we assume the risk of litigation and liability that comes with selecting investments and advising the plans committee. Outside of the investment fiduciary role we will also help you understand and perform your own responsibilities through ongoing education.
- How do I educate myself and employees on the benefits of a 401(k)?
Just having a retirement plan option is often not enough. Employees deserve excellent investment advice and top-notch financial education. When RPC takes over as the advisor to your plan, we will also provide best in class financial wellness tools, education programs, proprietary classes, and materials.
- How do I administer a 401(k)?
Many employers worry about the administrative hassle that often comes with offering a 401(k). When you start a plan at RPC, we ensure that your service providers take on as much of the workload as possible, so that this worry is put to rest.