- American Society for Pension Professionals and Actuaries
- Internal Revenue Service
- McKay Hochman Company, Inc.
- Profit Sharing / 401k Council of America
- Retirement Plan Software, Documents & 5500 Forms
- SunGard - Relius, Benefit Planning and Recordkeeping Solutions
- TRI Pension Services
- U.S. Department of Labor
Our View of Qualified Retirement Plan Consulting and Administration
The most successful retirement plans are a balance of the needs of owners, managers, and employees. That's why we offer an integrated approach to benefits and workforce consulting. We take the time to understanding our clients' goals, budgets and administrative capacities to help design a plan which truly suits the business. Our service model and staff selection supports this view of business and commitement to individualized service.
Our qualified retirement plan consulting and administration services include:
- Plan Design and Implementation
- Tax Qualified Designs and Administration
- Non-Qualified Designs and Administration
- Allocation Formulas
- Profit Sharing, Age Weighting, New Comparability
- Compliance and Government Reporting
We work with many types of plans, including:
- Traditional 401(k) Pre-tax and Roth
- Safe Harbor 401(k)
- Profit Sharing
- New Comparability and Age-Weighted
- Money Purchase Pension
- Defined Benefit Pension
By far, the best-known qualified retirement plan is a 401(k) plan. According to the Profit Sharing/401(k) Council of America (www.psca.org), approximately 400,000 companies have 401(k) plans, benefiting 42 million employees with $1.5 trillion invested.
401(k) plans are a popular benefit for many reasons - they are relatively simple, inexpensive and provide an opportunity for employees to save for retirement on a tax-favored basis. Although they are popular, 401(k) plans are subject to a number of rules and regulations and have many design alternatives. Administering a plan in an efficient and effective manner that satisfies plan participants, the plan sponsor, and fulfills the many administrative reporting and testing requirements of 401(k) plans is often too specialized and time-consuming for most employers.
Plan sponsors typically use pension consultants (sometimes known as "third party administrators") for required annual compliance work, such as non-discrimination testing, ratio testing, Form 5500 reporting and disclosures.
How we work with plan sponsors, brokers, investment companies and other advisors
There are many options for 401(k) plans. Often financial advisors will help our clients work through the options available for investing the funds in a 401(k) plan. Typically, the investment company chosen will perform many record-keeping tasks, including crediting and valuing participant accounts and preparing participant statements. We work with the financial advisor to create a team that works together to meet the needs of administering a plan. We also pride ourselves in working cooperatively with accounting and legal advisors.
Participant Services for Corporate Clients
Retirement plan participants face critical planning decisions during the last ten years before they retire. We assist participants by connecting them with an unbiased, qualified expert, who will work with them one-on-one.
Some of the issues participants face as they prepare to retire include:
- Expectations for retirement resources
- How Social Security will fit into the picture
- If an annuity or defined benefit pension plan can extend the life expectancy of retirement savings
- Pros and cons of rolling money from an employer sponsored retirement plan
- A plan sponsor had never met their pension consultant and was not maximizing the amount of qualified dollars in the pension plan. Oak Creek Partners redesigned the plan to maximize benefits and set a strategy for the upcoming year
- A plan sponsor hadn't filed Form 5500s for four years and no one from his pension consulting company noticed. We helped them file the delinquent forms and now work closely with them to educate them on plan requirements and deadlines
- A plan sponsor was consistently failing the 401(k) ADP test and the owners were receiving refunds. We helped design a safe harbor plan which eliminated the 401(k) ADP test requirement and the owners are now able to maximize their deferrals every year
- A law firm client was struggling with how to provide retirement benefits commensurate with contributing to the success of the firm and satisfying IRS rules. We designed a safe harbor 401(k) plan with new comparability features to help them achieve their goals
- We helped a Fortune 500 financial services firm develop marketing material to launch a new retirement program in their mutual fund division
Oak Creek Partners LLC is not a broker or reseller of benefits or insurance products and thus does not receive compensation from any company in this capacity. We do not make specific product recommendations.
For further information about any of the services offered by Oak Creek Partners LLC, please call us at 612.378.4880. We look forward to working with you.