Retirement Plans

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Should I offer a Retirement Plan?

Offering a retirement savings option is one of the most valuable benefits a business can provide its employees. There are several key reasons companies should consider retirement plans:

Tax Savings – Employer contributions are generally tax deductible as a business expense. Certain plans also allow employees to contribute pre-tax dollars.

Attract and Retain Talent – A retirement plan shows employees their future is valued and helps attract and keep top talent.

Meet Legal Requirements – Plans like 401(k)s ensure businesses comply with ERISA standards for offering retirement benefits.

There are a variety of retirement plan types to meet different business needs:

401(k) – Funded by pre-tax employee salary deferrals and optional employer contributions. Very popular with corporate employers.

403(b) – Similar to 401(k)s but for non-profit and public sector employers.

457 – Offered by state and local governments to allow deferred compensation for public employees.

401(a) – An employer-funded defined benefit or contribution plan for certain employers.

IRAs – Individual retirement accounts that anyone can open personally outside of an employer plan.

SEP IRA – Simplified employer-funded IRAs that are easy to set up.

SIMPLE IRA – Easy to administer IRAs for small employers with under 100 employees.

Reviewing these options with a retirement plan advisor can help businesses pick the right plan for their specific needs and situation. The key is choosing an affordable plan that will help attract and retain the quality team you need.

Why choose Lumiere Financial Group?

At Lumiere, we partner with many retirement plan providers to give businesses choice and flexibility when offering retirement plans. This allows companies to select the provider(s) that best fit their needs and budgets.

Companies can choose to offer just one provider or give employees access to multiple providers – the choice is theirs. With multiple providers available, we can help find the right solutions to meet a business’s specific requirements.

Some key benefits of our multi-provider 401k platform:

  • Customization – Companies can craft their plan design and features like matching contributions.
  • Choice – Employees can select the investment options and account management that suit them.
  • Cost savings – We leverage provider competition to help companies get high-value plans.
  • Consolidated administration – We handle paperwork, compliance, and employee education across providers.
  • Technology integration – We can consolidate 401k data into a unified online portal.

Our goal is to give companies the retirement plan options that work best for their situation. By offering access to multiple, integrated 401k providers, businesses get flexibility while we handle the complexities behind the scenes. Let me know if you need any other details on our multi-provider 401k platform for businesses.

ERISA Compliance Services

In addition to our 401k provider partnerships, we offer services to help companies comply with ERISA regulations and operate their plans responsibly.

Safe harbor

  • This refers to plan designs that simplify non-discrimination testing requirements. We help craft Safe Harbor plans. 

Section 3(38)

  • This allows companies to hire us as an investment manager with the discretion to select and manage plan investment options that meet ERISA prudence standards. 

Section 3(21)

  • This allows us to serve as a co-fiduciary and provide non-discretionary investment advice to companies. 

These provisions allow businesses to share or outsource fiduciary obligations to us as retirement plan experts. This provides liability protection for companies while still ensuring their plans meet rigorous ERISA standards.

We also partner with third-party administrators (TPAs) to assist with administrative tasks, handle payroll deductions, contribution remittance, compliance testing, and filing. Automating these processes helps avoid errors like delayed deposits.

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