Defined contribution plans such as 401(k) plans are now the most popular retirement benefit option. Plan participants select the investment vehicles and control deposit amounts, and companies can contribute to the accounts via a set amount or company match percentage.
Because these plans fall under the Employee Retirement Income Security Act (ERISA), regulations, funding models, compliance, plan performance and appropriate communication must be developed, analyzed and monitored.
Working with a proven team of experts can save employers time and money and help employees understand the benefit of saving now for the future. The team should include financial advisors and insurance experts, and use their collective expertise to offer fiduciary oversight, investment monitoring and support, plan administration and participant education.