We are proud to offer the Greater Newport Chamber Retirement Savings Program, now available to chamber members in partnership with Core Financial Partners, Pentegra and Transamerica. When you join, you’ll have a professional service team by your side to:
- Manage most of the plan’s administrative tasks
- Mitigate your fiduciary burdens
You may even reap cost savings through economies of scale, compared to sponsoring a plan on your own.
Employees benefit, too, by gaining access to professionally selected investment options, support from financial professionals, and educational tools and resources designed to help them stay on course to reach their retirement goals.
Please contact Liz Hickox, Financial Advisor, Core Financial Partners to learn more about the benefits of joining the program. Liz can be reached at Liz@newportcfp.com or 401-236-2350.
Sincerely,
Erin Donovan-Boyle
Executive Director
If Liz contacts you about the program, we ask that you take the time to understand how this solution may fit your needs.
Before adopting any plan, you should carefully consider all of the benefits, risks, and costs associated with a plan. Information regarding retirement plans is general and is not intended as legal or tax advice. Retirement plans are complex, and the federal and state laws or regulations on which they are based vary for each type of plan and are subject to change. In addition, some products, investment vehicles, and services may not be available or appropriate in all workplace retirement plans. Plan sponsors and plan administrators may wish to seek the advice of legal counsel or a tax professional to address their specific situations.
For a multiple employer plan (MEP): While a multiple employer plan (MEP) arrangement offers adopting employers the ability to delegate fiduciary functions to the MEP provider, employers should be aware that they still retain the fiduciary responsibility for selecting and monitoring the MEP provider. Because a MEP is treated as a single plan, a violation of the qualification rules by an adopting employer could affect the qualified status of the plan as a whole. In order to be treated as a single plan under the qualification rules, the adopting employers of a MEP must share a commonality — a connection among the adopting employers such as a trade or professional organization.
For Pooled Employer Plans: Pooled employer plans (PEPs) are a new type of multiple employer plan for which the Department of Labor (DOL) and IRS guidance is still pending in a number of areas. An employer participating in a PEP retains certain fiduciary responsibilities, including responsibility for retaining and monitoring the 3(16) plan administrator, for determining the reasonableness of its fees, and for periodically reviewing the plan as a whole. Nothing in this communication should be construed as the commencement of operations by a pooled plan provider (“PPP”) prior to registration as a PPP.
For Group Plan Solution (GPS) and Retirement Plan Exchange (Exchange): The GPS or the Exchange is not a multiple employer plans (MEP). Unlike a MEP, certain plan qualification and ERISA requirements are applied at the individual plan level. An employer participating in the plan retains certain fiduciary responsibilities, including responsibility for retaining and monitoring the 3(16) plan administrator, for determining the reasonableness of its fees, and for periodically reviewing the plan as a whole. Transamerica does not act as a 3(16) plan fiduciary.
All Transamerica companies identified are affiliated, but are not affiliated with any other organization referenced. Logos and trademarks are the intellectual property of their respective owners.
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6400 C St. SW, Cedar Rapids, IA 52499, U.S.A.
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