401(k) Plan Sponsor Services
AMFG Wealth Management LLC works with businesses that sponsor 401(k) retirement plans, helping employers evaluate their plan, understand their responsibilities, improve the participant experience and coordinate the many moving parts involved in operating a successful retirement plan.
From establishing a new 401(k) plan to reviewing an existing plan, our goal is to help plan sponsors make informed decisions while providing employees with the education and support they need to take advantage of their workplace retirement benefits.
We work with employers in Westlake and throughout Northeast Ohio, Myrtle Beach, SC, Fort Myers, FL, and across the United States.
401(k) Plan Design & Setup
Whether you're establishing your company's first retirement plan or considering changes to an existing plan, AMFG can help evaluate the structure and features that may be appropriate for your organization.
We work with plan sponsors and their other retirement plan professionals to review areas such as:
- Plan eligibility and participation
- Employer matching and profit-sharing provisions
- Traditional and Roth 401(k) options
- Automatic enrollment and automatic escalation
- Vesting schedules
- Participant eligibility and entry dates
- Investment options
- Plan design considerations
- Recordkeeper and third-party administrator coordination
Our objective is to help create a retirement plan that supports both the needs of the business and the employees who participate in it.
401(k) Plan Benchmarking
Retirement plans should be reviewed periodically to determine how they compare with available alternatives and similar plans.
AMFG provides 401(k) benchmarking reviews to help plan sponsors evaluate important areas of their existing retirement plan, including:
Benchmarking can help employers identify areas where their plan is competitive as well as opportunities where costs, services, investments or plan features may warrant additional review.
Investment Review
The investment menu is an important component of an employer-sponsored retirement plan.
AMFG can assist plan sponsors with establishing and maintaining a process for reviewing the plan's investment options, including:
- Investment performance
- Expenses
- Risk characteristics
- Investment categories
- Investment menu diversification
- Changes to existing investment options
- Potential replacement alternatives when appropriate
The objective is to provide plan sponsors with an organized process for reviewing and documenting investment-related decisions.
Fiduciary Support for Plan Sponsors
Sponsoring a 401(k) plan comes with important responsibilities.
We help employers better understand their role as a plan sponsor and develop processes for overseeing the retirement plan.
Our services may include assistance with:
- Plan governance
- Investment review processes
- Fee and service benchmarking
- Provider reviews
- Plan committee meetings
- Documentation of plan-related decisions
- Participant education
- Ongoing plan reviews
Our role is to help employers establish a consistent process for evaluating and overseeing their retirement plan.
Provider & Recordkeeper Review
The retirement plan marketplace continues to change, and employers may benefit from periodically evaluating their current providers.
AMFG can help plan sponsors compare their current arrangement with other available options by reviewing areas such as:
- Recordkeeping services
- Third-party administration
- Investment platforms
- Participant technology
- Payroll integration
- Service capabilities
- Plan costs
- Employee support
If a change is appropriate, we can help coordinate the transition with the employer and the other professionals involved with the plan.
Employee Education & Participant Assistance
A retirement plan is more valuable when employees understand how to use it.
AMFG can provide education and support designed to help employees better understand their workplace retirement benefits and make informed decisions.
Participant services may include:
- Enrollment education
- Understanding investment choices
- Contribution and savings education
- Traditional versus Roth 401(k) education
- Beneficiary considerations
- Retirement readiness
- Retirement income considerations
- Individual retirement planning opportunities
- Assistance understanding how workplace retirement benefits fit with an employee's broader financial picture
Education can be provided through employee meetings, individual conversations, educational materials, webinars and other resources as appropriate.
Ongoing Plan Sponsor Service
Our relationship with a plan sponsor doesn't end when a plan is established or transferred.
We can provide ongoing assistance through:
- Periodic plan reviews
- Investment monitoring
- Benchmarking
- Plan design discussions
- Provider coordination
- Employee education
- Participant meetings
- Plan sponsor meetings
- Review of plan services and costs
- Assistance identifying opportunities to improve the plan
As the business, workforce and retirement plan marketplace change, we help employers periodically revisit their plan and determine whether adjustments should be considered.
Existing 401(k) Plan? Start With a Benchmarking Review.
If your company already sponsors a 401(k), a benchmarking review can provide a useful starting point.
AMFG can help you evaluate what you're paying, the investments being offered, the services employees receive, the features available within the plan and how your current arrangement compares with alternatives.
For employers establishing a new plan, we can also help evaluate plan structure, providers, investments and employee services from the beginning.
401(k) Plan Sponsor Services Nationwide
AMFG Wealth Management LLC is based in Westlake, Ohio, and works with businesses in Northeast Ohio, Myrtle Beach, South Carolina, Fort Myers, Florida, and throughout the United States.
Whether you're considering establishing a 401(k), reviewing an existing retirement plan, benchmarking fees and services, evaluating providers or looking for better employee education and support, we welcome the opportunity to learn more about your company and retirement plan.