FAQ

In a word…..YES!! Not only will you save money for your retirement, you may also reduce your taxable income as well as receive a possible company match. (not all employers match employee contributions and your tax savings will have to be determined by your tax professional)

Each employer sponsored retirement plan is different. Often time’s the plan document WILL allow for incoming rollovers into a 401k or Profit Sharing plan. But not always. You can always reach out to our investment professional on your plan to get the details about incoming rollovers. He or She should be able to help you. If your plan does not have a dedicated investment professional, you can always call your investment vendor or custodian (this is the company who holds your retirement plan assets) to get the info from them as well.

You can log on to www.ssa.gov and register for an online account. This will show you your current monthly benefit estimate and will update each year as your income level changes over time. The closer you get to retirement the more accurate these figures will be. However, even if you are relatively young, this will still provide you a nice base line to see how much additional income you will need in retirement.

You should start with a team of “prudent experts”. Your Third Party Administrator, our Financial Advisor and your Record Keeper should all be working together as a well-oiled machine to keep your plan running smoothly. Each of these professionals is responsible for their own particular portion of your plans functions. Without each of them doing their respective parts your plan can have issues that may create problems. You should also have written policies and procedures for all of the ongoing functions of your plan where possible. This will help to keep your plan from getting off track.

Your company retirement plan is like a thumb print. Each plan will do things slightly different from the next in trying to keep their plan running smoothly. At RWM, we start with a general base line and then adjust the services to address your specific needs. For example, we will typically start with an annual plan review of all plan functions, policies and procedures, Investment Policy Statement review, etc. We will conduct a quarterly review of the plan investments and make any potential change recommendations at the annual review. Employee education should be done annually or semi-annually depending on your desire. From there we can adjust and tailor the services to address your needs as a plan sponsor and your employees.

Educate them about the benefits of saving. We are huge advocates of doing more employee education at the retirement plan level. Getting employees together in a group setting can be challenging, but we have a variety of ways we can reach employees to get them more information. We employ paycheck stuffers, email newsletters, Seminars, Webinars, and good, old fashioned face-to-face meetings with participants. We want to help ensure employees have as much information as possible to make informed decisions.