A 401(k) Plan Designed For Everyone’s Big Picture.
In a perfect world, plan sponsors and plan participants wouldn’t have competing interests. Yet, reality tells a different story.
How much of employee contributions should the employer match?
Should there be automatic enrollment or not? If so, at what percentage?
These aren’t the easiest questions to answer, but the solution every time is: You need a partner who acts as an advocate for all parties to design a 401(k) plan that works for everyone. Like the one you’ll work with at Fiduciary Financial Partners.
How do we arrive at that type of 401(k) plan design? It begins with an understanding of goals, such as what you want to accomplish for your employees and how that aligns with your company’s value system. We’ll also want to talk about your people and how they view a 401(k) plan fitting into their total financial picture.
From there, we factor in a variety of characteristics that may comprise the plan, including combinations of matching and profit-sharing formulas, conditions for eligibility, eligibility entry dates, vesting schedules and governing rules – all with the intention of designing a plan that the employer and employees can both use with maximum efficiency.
Finding such a middle ground in plan design amongst a number of competing interests means everything to the success and acceptance of your 401(k) plan. And at Fiduciary Financial Partners, our clients know we have the proven experience to discover it.