You can love your 401(k).
Contact UsWe challenge you
to find a 401(k) on the market that is easier, more compliant, or safer.
Full stop.
Many employers have concerns about having a 401(k).
Why?
- They're time-consuming to administer: too much work has to be done by the person or people who have the retirement plan responsibility.
- They're difficult to keep in compliance: The EBSA reported in FY 2015 67.3% of company's 401(k)s that are audited by the Department of Labor fail the audit, resulting in average fines of $285,000. This has culminated in a cost of $5.6B over the last 4 years.
- They can carry huge liability exposure. Most people don’t even understand the risk they are accepting when offering a retirement plan – but anyone who understands the risk doesn’t want it!
- They can be expensive for the companies offering them.
- There are a lot of providers – how do you know you are getting the best?
These are all valid concerns—but the fact is this:
A 401(k) may be the biggest hiring and retention feature a company can employ.
So how do you overcome all these concerns and take advantage of all the hiring and retention benefits?
Pick the Heritage Corridor Business Alliance Retirement Solution, powered by TAG Resources!
Ease of Administration
401(k)s take a lot of up-keep.
As a result, they take a lot of employee hours, which more often than not costs you as an employer more money. With Heritage Corridor Business Alliance and TAG Resources at the helm of your retirement plan, you can stay on top of your business, knowing that the day-to-day responsibilities of your plan are being looked after.
Without TAG
- 3(38) Investment Manager Appointment
- 402(g) Limit Reporting
- 404(a)(5) Notice Distribution
- 404(c) Notice Distribution
- 408(b)(2) Notice Distribution
- Annual Discrimination & Coverage Testing
- Audit Completion Support
- Audit Firm Hiring & Monitoring
- Auto Enrollment Notice Distribution
- Beneficiary Designation Form Maintenance
- Beneficiary Determinations
- Blackout Notice Distribution
- Census Review
- Corrective Distributions
- Death Benefit Approval
- Distribution Reporting
- DOL and IRS Issue Resolution Assistance
- Eligibility Calculations
- Eligibility Notifications
- Employer Contribution Monitoring
- ERISA Bond Review
- Error Correction Monitoring
- Fiduciary Insurance Coverage Review
- Force Out Processing
- Form 5330 Preparation, Signing, & Filing
- Form 5500 Preparation, Signing, & Filing
- Form 8955 Preparation, Signing, & Filing
- Fund Change Notice Distribution
- Hardship Withdrawal Approval
- Loan Approval & Reporting
- Loan Default Monitoring
- Loan Policy Administration
- Lost Earnings Calculations
- Participant Enrollment Assistance
- Payroll Aggregation
- Payroll File Aggregation
- Plan Design Review
- Plan Document Interpretation
- Plan Document Preparation & Archiving
- Plan Irregularity Notification
- QDIA Notice Distribution
- QDRO Determinations & Reporting
- Quarterly Investment Review Meetings
- Rate Changes Monitoring & Reporting
- Required Minimum Distributions
- Safe Harbor Notice Distribution
- SAR Production & Distribution
- SMM Notice Distribution
- SPD Production & Distribution
- Spousal Consent Approvals
- Termination Date Verification & Maintenance
- Termination Withdrawal Approval
- Top Hat Preparation, Signing, & Filing
- Trustee Duties
- Vesting Verification & Tracking
- Year End Data Collection & Review
With TAG
- Upload Payroll Files to TAG
- Monitor TAG
- Provide Year-End Data for Testing
Consistent Compliance
Every 401(k) has to take governmental compliance seriously.
TAG administered plans are consistently compliant, so IRS and DOL audits are a breeze. No TAG administered program has ever failed a DOL audit.
Fiduciary Liability Protection
The responsibility of a 401(k) should never be undersold.
This is not a scare tactic, it's a fact! 67.2% of company's 401(k)s that are audited by the Department of Labor fail the audit. Since the DOL's concern for retirement plans, above all else, is that the plan is being run for the benefit of the employees, any failings in plan administration can end up being an extremely costly problem.
Most 401(k)s place the Fiduciary Responsibility, and by extension, risk, solely on the Plan Sponsor — meaning YOU!
Many providers in the retirement plan market say they offer "Fiduciary Liability Protection" in their marketing material, but in a court of law they flatly refuse any liability. TAG, in the course of plan administration, is listed as the Named Fiduciary on your plan - meaning that with the TAG Program, you are protected to the highest degree in the industry.
Your Responsibilities
Without TAG
- Plan Administration
- Named Fiduciary
- Risk Management
- Record Keeping
- Investment Management
- Auditing
Your Responsibilities
With TAG
- Monitor TAG
Cost Containment
Lower Plan Cost
TAG’s Plans are built on an “aggregated” model. This model combines multiple employer's 401(k)s together under a single "End to End" retirement program. Every employer in the plan benefits from this aggregation in the form of enhanced services and lowered costs. Employers receive services that most providers don't offer - and because the services are being offered to many at once, TAG's plan costs are the same or lower than those providers.
Liability Protection
Due to our industry-leading 3(16) fiduciary liability protection, your risk of loss of personal wealth resulting from fiduciary liability action is greatly reduced.
Lower Staff Costs
Because TAG fulfills 99% of plan administration duties, you don't need to have the cost of an employee or department focused on retirement plan administration. Your employees can stay focused on moving your business forward.
No Fines or Penalties
Because we keep your plan consistently compliant, you will not be subject to fines and penalties resulting from IRS and DOL audits.
Substantial Resources
After working side by side for many years we are proud to announce the merger of the Lemont Area Chamber of Commerce and the Homer Glen Area Chamber of Commerce in 2019. The new organization is now the Heritage Corridor Business Alliance and will remain a Chamber of Commerce serving the Lemont, Homer Glen and surrounding areas. While our mission of building a strong, vibrant economy by bridging business and community has not changed, this new dynamic organization will bring a synergistic partnership between 2 neighboring communities that is truly unique. HCBA has teamed with TAG Resources, LLC, and retirement heavyweights, Transamerica and Mesirow Financial to power the HCBA Retirement Solution, an improved 401(k) with advanced technology for today’s retirement needs -- helping you make the most of your own 401(k).
Michael Pensinger, CFP®
Pensinger Financial, Inc.
(630) 754 - 7580
mike@pensingerfincancial.com
TAG Resources ensures your plan reaps long-term rewards with easier day-to-day operations. As the largest end-to-end retirement plan provider in the US, TAG is recognized nationally for pioneering unique Retirement Programs. The Multiple Employer Program™ is our newest innovation, bundling retirement plans together in a service model previously only available for very large companies.
The bottom line is that for every plan, TAG acts as your Retirement Plan Department so you don't have to be an expert. We're the buffer between you and the Department of Labor/IRS to keep you compliant, we provide fiduciary liability protection, and our program is priced competitively with plans that do not provide these valuable services.
The results are easy to see: every plan gets A-List Oversight. There is no company more capable of crafting retirement plans that meet the needs of today's businesses than TAG.
Two West Advisors helps you solve your retirement plan, endowment or wealth management challenges. Two West is an independent Registered Investment Advisor, which means we work for you, conflict-free. Over a decade ago, we were formed under the belief that two people rowing in the same direction (west) with common goals, have a better chance of arriving at their destination than going at it alone. That theory holds true for not just our partnership formed in 2004, but applies to our valued client relationships as well. Together, we found a common passion and an opportunity to make a difference in an industry that was suffering from a lack of transparency and a whole lot of complexity. Other firms claim to be better, we simply claim to be measurably different! We spend our time and energy dedicated to serving the retirement plan industry, and we have become specialists in an industry dominated by generalists. We structured our business model to offer independent, transparent, unbiased and tailored retirement plan advice to our fellow small and medium-sized businesses. We have a proven track record of saving our clients time and money. As it turns out, we are at the crest of a wave of change in our industry and many now are following our lead. If you are new to Two West Advisors, thanks for checking us out. We’d love to see how we can help you learn how to play the retirement plan game and win! Learn more at www.twowestadvisors.com. If you are already one of our valued clients, thanks for believing that we could deliver on our promises and help you and your employees better prepare for your financial future.
Want to know more?
So there you have it.
The Best 401(k)
Ever Built.
