A PARTNER IN YOUR RETIREMENT
401(k) Plan Advisor
From establishing a new 401(k) to providing an independent, third-party review of an existing plan, Norwood Economics provides business owners
with the support, advice, and education they need to ensure top retirement plan performance. We are fiduciaries held to a high standard of care with respect to plan design, investment management, and employee education.
REVIEW AN EXISTING 401(K)
FREE, INDEPENDENT, THIRD-PARTY REVIEW
The Department of Labor strongly encourages 401(k) plan sponsors to conduct an independent, third-party review of their plan at least every three years. This should be done by someone not currently affiliated with the plan in any way and is not the same as your plan advisor's annual participant review.
The DOL wants business owners to be good fiduciaries, putting 401(k) plan participants’ best interests first. They want plan sponsors to know: whether their plan’s expenses are reasonable, whether the plan design is appropriate, and whether there are compliance issues that need to be addressed.
Plans are often twice as costly to owners and participants with tens of thousands of dollars annually in available expense savings. As well, plan designs are too often sub-optimal, failing to take advantage of all of the tax breaks allowed by ERISA (The Employee Retirement Income Security Act of 1974).
WHY WE'RE DIFFERENT
- We conduct an independent, third-party review of your plan for free, with no obligation.
- We provide employers with plan designs that capture the maximum tax breaks allowed by ERISA.
- We customize 401(k) plans to your workforce to best achieve your goals as a business owner.
- We provide comprehensive workplace education to help your employees achieve their financial goals.
401(K) PLAN SETUP
A GOOD 401(K) CAN HELP YOU TO
- Attract talented people in today’s challenging job market
- Retain valuable employees who want retirement options in their benefits package.
- Enjoy tax advantages available to you as the employer offering the plan
SUPPORT AND GUIDANCE
We offer extensive communication and education programs to help drive retirement readiness.
- Semi-Annual 401(k) presentations
- Employee one-on-ones
- Video conferencing sessions with participants and employers
- Educational emails to participants and employers
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