Guidance for corporate benefit & retirement plans

A well-constructed corporate benefit or retirement plan is an ideal way for businesses to attract and retain quality employees, as well as help company owners and executives plan and save for their own futures. These plans offer tax advantages to both employees and employers. Contributions have the potential to grow tax deferred until withdrawn, and eligible contributions are deductible business expenses.

Available plans include owner-only/one-person 401(k) plans, simplified employee pensions (SEP), SIMPLE IRAs and 401(k) profit sharing plans that allow for discretionary contributions. Woodforest Wealth advisors have experience helping companies of all sizes find their best option: our clients range from small businesses with less than 25 employees to large corporations with hundreds of workers.

Whatever your objectives, from minimizing administrative costs to allowing discretionary contributions to helping your company save time and operate efficiently, we can help you establish, manage and run the plan that is right for you and your business.

Companies rely on our advisors for guidance in the following critical areas:

Plan design and administration

To assess your current plan or design a new one consistent with your company philosophy and needs, we will conduct a plan analysis, help you identify your plan philosophy, and then consult with you on the design and implementation of your plan.

Woodforest Wealth Strategies conducts provider analysis that measures benchmarking, outsourcing and cost management. To analyze and compare different plan providers, our professionals scrutinize fees, services and investments with the goal of negotiating lower costs and offering an improved investment lineup. They can also advise you on your fiduciary status, roles and responsibilities and offer guidance for the compliance process – a critical service in light of today’s environment of continually evolving regulations.

Employee participation

Having a high participation rate is an important objective for any company retirement plan. It’s why our professionals are so committed to engaging and educating your employees as part of the ongoing support we provide. We can conduct on-site enrollment and other on-site meetings where employees can speak one-on-one with our advisors about general plan information and their individual financial situation.

Investments

You want to structure your plan to deliver the best possible outcome for your participants. To this end, our team will help write or review your Investment Policy Statement, coordinate its implementation with your plan provider, and revise it as changes are warranted. We will also review your investment options and performance, and provide ongoing reporting so you can monitor the progress of your plan over time.

Services for corporate benefit and retirement plans include:

• Overall cost analysis, including industry comparison
• Provider search, analysis and selection
• Contract negotiation
• Educational compliance materials designed for HR staff
• Marketing tools to help educate employees about their options
• Ongoing proactive consulting, documentation and support