Retirement Plans & Services
Types of Retirement Plans | Plan Level Services | Participant Level Services |
Fiduciary Responsibilities
Types of Retirement Plans
IOA offers objective and extensive consultation to assist in meeting your retirement goals.
The IOA Retirement Services Communications Team has over 75 years of experience in the design and implementation of hundreds of retirement plans.
Our Areas of Expertise Include the Following Plans:
If you would like us to help structure a retirement plan for your company or review your current plan, please contact us today. You may also complete our 401(k) Questionnaire to have a representative contact you with answers to your specific retirement plan questions.
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Plan Level Services
A plan that can be executed is always invaluable.
IOA's compliance consultants advise plan fiduciaries in carrying out their responsibilities. Including, but not limited to:
- Plan design.
- Compliance issues such as ADP/ACP testing.
- Pending legislation updates and amendments.
- Reviewing the annual Employer plan Summary Report.
IOA's qualified advisors will consult with the plan's committee regarding their fiduciary responsibilities, which include:
- Drafting and creation of the plans investment policy.
- Reviewing and monitoring the investment performance.
- Providing annual year-end fund performance review.
- Advising committee on fund selection or de-selection*.
- Designing and creating an ongoing communication program involving meetings and 401(k) Day activities held throughout the year.
*Advice offered through Securities Research, Inc. Member NASD/SIPC.
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Participant Level Services
To be successful is to be an active participant.
The success of the plan relies heavily on how the employee perceives the benefit. IOA's qualified advisors will tailor a communication program to properly educate plan participants.
The Communication Program will Include, but not be Limited to:
- Ongoing access to Registered Investment Advisors Representative*.
- Website access and 24/7 voice response system.
- Quarterly statements.
- Newsletters and market updates.
- Retirement awareness events, such as 401(k) Day.
*Advice offered through Securities Research, Inc. Member NASD/SIPC.
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Plan Sponsor Fiduciary Responsibilities
Follow the rules and still far exceed “breaking even.”
ERISA requires the retirement plan be operated for the exclusive benefit of plan participants. Compliance with the Employee Retirement Income Security Act (ERISA) has been a major concern of plan sponsors since this legislation was passed in 1974. The complexity of ERISA has led to a widespread lack of understanding of its basic principles and lack of understanding of liabilities to which plan sponsors may be subjected.
These rules, governed by the Department of Labor (DOL), impose heavy responsibilities on any persons involved in the management of employee benefit plans. Unfortunately, many are not aware of the responsibilities and liabilities and penalties until they find themselves in violation of the Act. ERISA was enacted to protect the interests of plan participants from discriminatory practices. ERISA also provides a federal standard of conduct to be followed concerning the management of retirement plan assets.
Anyone who is a trustee, sponsor or otherwise exercises any authority of control over any type of employee benefit plan is a fiduciary. The fiduciary should act with the "care, skill, prudence and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims." (ERISA Sec. 404(a)(1)(b)).
Any fiduciary that breaches ERISA's fiduciary obligations can be held personally liable for losses caused by that breach of duty. Pleading ignorance, bad communications or inexperience will not be adequate legal defenses. Delegation to prudent experts and the proper overseeing of them are the only defenses upon which a fiduciary can rely.
Plan sponsors need consultants who are up-to-date with issues, which may have been detrimental to the plan and its participants. Through Plan Sponsor Alerts, Insurance Office of America's Compliance Team continually informs sponsors and participants of pending legislative changes and allegations that may affect the plan.
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For more information about the IOA Retirement Planning Services, call (866) 657-401k or email GroupBenefits@ioausa.com.