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401(k)'s and Beyond

How We Work

Green Ridge Wealth Planning specialists will take your plan and:

·       Audit the current plan

·       Outline your fiduciary responsibility and if you are covered (protects from lawsuits)

·       Identify hot zones that need to be addressed

·       Cost reducing methodologies

·       Performance based Audit

·       Propose tax savings methodologies beyond the obvious

·       Pre-schedule annual required employee education meeting

·       Keep your employees informed of market events

·       Provide financial planning for your executives

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How Do We Get Started?

 Documents we need for the 401k

 Fee Disclosure Document Titles

Depending on the plan’s recordkeeper, we need the following document:

 American Funds

o   Participant Fee Disclosure document and the recordkeeping services agreement

  • ADP

o   Compensation and Fee

o   Disclosure Document

  • Ascensus

o   Disclosure of Services and Fees

  • Empower Retirement (Great West)

o   Annual Plan Report

  • Fidelity

o   Defined Contribution Invoice

o   with Investment Options

  • John Hancock

o   Plan Review

o   (formerly Annual Contract Review)

  • Mass Mutual (Hartford)

o   Plan Service Review

  • Mutual of Omaha

o   Executive Summary of Fees

  • Nationwide

o   Your Quarterly Plan Checkup

  • OneAmerica

o   Annual Plan Review Book

  • Paychex

o   Retirement Plan Fee Disclosure

o   A recent monthly invoice

  • Principal

o   Fee Summary Illustration

  • Transamerica

o   Fee Disclosure Document

  • Voya Financial (ING)

o   Consolidated Investment Review


If you Can’t Find the Current Provider’s Report, we need the following data to run a benchmarking report for your plan:

A list of the current plan investments, including expense ratios or ticker symbols and, if available, the amount invested in each fund

Any additional investment charges — such as wrap/advisory fees or contract/daily asset charges — not included in the fund expense ratios

Actual out-of-pocket costs paid directly by the plan sponsor or deducted from participant accounts over the past year for recordkeeping and administrative services

A copy of the group variable annuity contract, assuming the plan is on an annuity platform

Any expenses (or credits) — such as surrender or contingent deferred sales charges or market value adjustments — that could result from terminating the contract with the current service provider

Why should plans pay 401(k) expenses with company assets?

Plan sponsor pain points often revolve around three topics: taxes, liability and costs. Sponsors that pay their 401(k) expenses out of company assets rather than plan assets can potentially get help with all three: a bigger tax deduction, reduced fiduciary liability and lower participant fees.

The following hypothetical example was developed by third-party retirement plan consultant Patrick Shelton, GBA and managing member of Benefit Plans Plus, LLC, using an estimated $11,000 in total annual costs for a $1 million retirement plan with 30 participants:

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