No matter the size of your business, we can help you structure a plan that meets your needs. If you're a small company and you don't want to deal with a lot of fees and administration, perhaps one of these plans would be best:
If your business has plenty of reliable cash flow and you want to maximize retirement savings, you might consider a 412(i) fully guaranteed defined benefit pension plan.
And if you're looking for the traditional defined-contribution plan with lots of bells and whistles available, then you should consider a 401(k) plan - 403(b) for non-profits - and potentially add a Profit Sharing and/or Cash Balance component.
If this is all new to you and you have no idea what you need, let us be your guide.
Utilizing our extensive experience, our mission is to accomplish our common goal of making your retirement plan program a success and thereby assist you in attracting and maintaining quality employees. We offer a comprehensive range of services, including:
Whether your plan is large or small, established or just starting, Compass Insurance & Financial Group has the expertise across all plan types to deliver smart solutions for your retirement plan. Taking into account your concern regarding costs that reduce the benefits available for each participant at retirement, we design our solutions with cost-effective transparent pricing and features that enable full disclosure to participants. Our team works with you to deliver outstanding service to your plan and its participants.
Open Architecture Capabilities
We utilize a conflict and commission-free open-architecture platform that serves all plan types (401(k), 403(b), 457, Defined Benefit, SEP and SIMPLE IRAs, and MEP) and allows us the flexibility to build your plan from a choice of more than 25,000 investment options. Our platform delivers full fee transparency with its Definitive Disclosure feature for fee disclosure, as well as a full suite of reports for you and your participants.
Tools and Services
We are committed to consistently delivering smart tools to help plan sponsors successfully manage retirement plans. You can be confident that you and your participants will receive accurate, timely and efficient service from an experienced team fully trained to handle your needs.
Institutional Fiduciary Solutions
ERISA 3(21) services is a co-fiduciary solution that is appropriate when the plan sponsor wishes to retain some discretion over the investments offered in their plan. This service allows the plan advisor the opportunity to assist the plan sponsor in the selection of the funds to be offered in the plan.
We can also assist you in hiring an ERISA 3(38) Investment Fiduciary, designed to effectively shift a significant portion of the Plan Sponsor’s liability. The hiring of a 3(38) Investment Fiduciary alters the Plan Sponsor’s fiduciary responsibility as the liability now relates to the choosing and monitoring of a 3(38) Investment Manager.
Finally, we can also assist with ERISA 3(16) Administrative Fiduciary. This is where the plan sponsor delegates discretion for critical administrative functions to a named fiduciary who accepts that authority in writing and assumes a correlative liability, being legally bound to performing the primary administrative functions and various decisions that directly impact plan compliance.
We provide unbundled solutions in order to maximize the possibilities and effectiveness of Advanced Plan Design through our Third Party Administrator partners. When employers establish a qualified plan for their company they usually choose between one of two purposes for the plan. Either they want to offer a traditional broad-based benefit to their employees, or they want to find a way to maximize contributions to certain executives on a tax deductible basis. It is now possible to have the "best of both worlds" through a concept called Advanced Plan Design.
Administration and Recordkeeping services from our TPA partners include, but are not limited to: