401(k) Administration

401(k) Administration

401K AdministrationA 401(k) plan is one of the most important employee benefits a company can offer. A good plan should be effective and flexible for participants, in order to help them meet their retirement savings objectives, yet simple and efficient for administrators like you.

A successful 401(k) plan should not only encourage participation, but should also inspire participants to defer enough of their salary to prepare for a comfortable retirement, and should provide enough options to allow them to ensure their assets are appropriately diversified for their time horizons and retirement goals.

At Rainstone Financial, we provide comprehensive support to help you select a plan that meets your company’s needs. You will receive local, personalized attention and assistance on critical issues like:

  • Does a vendor’s plan include a broad range of investment options? Does it offer auto service features such as auto enrollment, auto increase, or qualified default investment options (some of the provisions of the Pension Protection Act of 2006)?
  • Is the vendor’s installation process smooth and coordinated? Do they offer an effective employee communication and education program?
  • Does the vendor provide ongoing support to help you administer the plan? Are their services designed to help you attract and retain talented employees?

Your employees deserve a 401(k) plan that may help them improve their retirement readiness. Rainstone Financial offers the ongoing service and support you may need to make the most appropriate provider selection, as you may not have the time or expertise to manage this process alone.

Which Provider Best Meets Our Goals?

The groundwork provided by Rainstone Financial aims for a complete understanding of your needs and level of flexibility. Select the stage you would like to learn more about:

Needs Assessment

During this initial stage, we will examine a variety of factors, including your company’s needs and objectives and the demographics of your employees. We will also review your current plan’s features and assess its effectiveness in all areas.

For example, is your plan successful at driving participation and increasing deferral rates?
Does it offer a sufficient variety of investment options to ensure participants are able to diversify appropriately?
Are there areas you would like to see improved upon, such as technology, reporting, and assistance with fiduciary compliance?

Rainstone Financial will also identify providers whose management fees are competitive and who can offer good value.

Vendor Evaluation

Once we have gained a thorough understanding of your needs, Rainstone Financial will:

1. Solicit proposals from high-quality providers
2. Evaluate each proposal based on agreed-upon criteria
3. Identify providers that may best match your needs
4. Invite selected providers to present their programs in more detail
5. Vendor Candidate Selection

Next, Rainstone Financial will match your Needs Assessment to the results of the Vendor Search. One or more of the vendors will emerge as leading candidates, based on their ability to meet the challenges of your plan requirements.

We will invite the leading vendors to deliver on-site presentations. Rainstone Financial attends those presentations as your advocate to help you ensure the proposals provide effective solutions for your plan’s needs. You select the appropriate vendor, and we’ll proceed to the implementation phase.

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