4 Ways to Save Money with FiduciaryShield

We’re a month into the New Year…it’s time to bring your “save money” resolutions to the next step and FiduciaryShield is here to help! We simplify the 401k process and save you money with no catch! Your best assets are yourself and your employees. We are motivated by a belief to take care of both.

4 Ways to Save Money:

  1. Time– As they say, Time is Money. Instead of answering emails, phone calls, speaking with the payroll company, TPA, etc…FiduciaryShield does that for you, freeing your time to manage your success.
  2. Plan Fees– Excessive plan fees and investment fees will drag down your long term savings.  We use a comprehensive approach to review fees charged and offer institutional pricing to trim the unnecessary fees. We’re prudent about choosing an optimal investment menu designed to give you the best opportunity to grow your retirement savings.
  3. Lawsuit–  A lawsuit can cost you in time and fees, and it can be brought by any former or current employee.  We exercise proper due diligence with our decisions so we are able to have the right documentation in place.  This is designed to minimize any impact you may have.
  4. Compliance–  Unnecessary fees and penalties can be a strain.  Having the right forms prepared to correct the mistake can have an added administrative cost.  Spending your time handling this takes time away from your business. Business owners providing a 401(k) plan for their employees without the help of FiduciaryShield are responsible for administering the plan and ensuring compliance with a set of changing complex rules and regulations. Here are just a few of the things you’re expected to handle:

BEFORE FiduciaryShield:

  • Determine Participant Eligibility
  • Distribute Enrollment Kits & Supporting Compliance Documents
  • Deposit Employee Elective Deferrals in a Timely Manner
  • Handle Participant Questions and Requests
  • Provide Annual Census and Payroll Data for Testing and Auditing
  • Ensure Timely Submission of Reports by Your Bookkeeper and Payroll Provider
  • Administer Participant Loans According to Statutory Compliance Requirements
  • Provide Participant Termination Packets
  • Process Employee Distribution and Rollover Requests
  • Oversee and Direct Annual Census Reconciliation
  • Create Plan Design Projections and Determine Optimal Profit Sharing
  • Review and Validate Compliance Testing
  • Complete Annual Plan Audit
  • Schedule Annual Employee Education Meeting
  • Work with TPA to Process Annual Filing of IRS Form 5500
  • Review and Submit Payroll Files
  • Evaluate Plan Investment Options and Fees
  • Benchmark Plan Fees Periodically
  • Create an Investment Policy Statement (optional, but recommended)
  • Document Your Decisions

AFTER FiduciaryShield:

  • Deposit Employee Elective Deferrals in a Timely Manner
  • Provide Annual Census and Payroll Data for Testing and Auditing
  • Schedule Annual Employee Education Meeting

By choosing FiduciaryShield we are the solution.  You can now focus on managing your business’s success, not your 401(k) plan. We make that possible.