Designed specifically to meet the needs of 401(k) and cash balance plan sponsors, our retirement plan solutions are powerful tools for your company and your employees.
What to Expect
Our retirement plan services team works closely with our investment committee, support staff, and outside vendors to provide our 401(k) clients the following services:
- Advising on defined contribution and defined benefit/cash balance combination plans
- Monitoring compliance reporting to help plan sponsors satisfy legal requirements
- Encouraging retirement plan participation through education and proactive communication
- Guiding retirement plan participants through plan provisions and the distribution process
- Researching complex compliance topics such as control group issues, plan design intricacies, voluntary correction methods, and cross-testing.
Our Services
We operate as a co-fiduciary as defined by ERISA Section 3(21), focusing on personalized service, from installation to ongoing support, to best meet client goals and objectives. Team credentials include Accredited Investment Fiduciary, AIF® and Qualified 401(k) Administrator QKA®.
Co-Fiduciary Services
- Annual fiduciary review and fee benchmarking
- Advocacy in dealing with service providers
- Multi-point compliance review process
- Accredited Investment Fiduciary® (AIF®)
Investment Selection and Monitoring
- Quarterly review reports
- 404(c) compliant fund recommendations
- Investment Policy Statement (IPS)
Employee Education
- Ongoing group enrollment sessions
- Individual participant financial planning
Cash Balance Plans
For business owners with the interest and ability to contribute beyond the annual defined contribution limits, Prosperity has expertise in advising on defined benefit cash balance plans and cash balance 401(k) combo plans. For companies with steady cash flow, subject to demographic-based compliance testing, a cash balance plan allows business owners to accumulate up to several million in tax-deferred retirement benefits.
