We've got you covered!
The Chamber's Retirement Plan Committee routinely adheres to a vigorous due diligence process to ensure you and your 401(k) plan participants are being supported by the right service providers for the best value. Here's a quick overview of who we've sourced for you in the ARP...
​
​
​
RECORDKEEPER
Newport Group provides participant customer service and administrative support to administrative professionals at your company. They provide technology, participant statements and the investment platform where participant accounts are held. Newport Group is responsible for tracking the employee and and employer deposits to provide an accounting for annual plan testing. They also assist with plan health analysis and employee engagement tasks.
PLANADVISOR
Adopting Employers without a Financial Advisor governing their plan are agreeing to uphold a Fiduciary duty to carry out tasks such as employee education and plan fee reviews. Within the ARP, you may select any licensed Financial Advisor you would like to delegate these tasks to. If you do not currently have a licensed Financial Advisor, Strongbox Wealth Management can help! Strongbox is an Independent Investment Advisory Firm and Fiduciary. This means they have a legal obligation to place their client's best interests at the forefront. As the plan's Advisor, Strongbox will work with you to customize a plan to ensure business owners and their employees receive comprehensive personal financial planning advice.
STRONGBOX
WEALTH
3(16)FIDUCIARY
A Third Party Administrator (TPA) who acts as a 3(16) Fiduciary is currently the highest level of administrative support and fiduciary protection available. Third Party Administrators are responsible for drafting the plan's governing legal documents and ensuring the plan provisions remain compliant with the latest DOL, IRS and ERISA law requirements. Additionally they perform annual plan testing to ensure the plan sponsor has managed the plan in accordance with the law. If your current TPA is not acting in the 3(16) Fiduciary capacity, the business and any employee associated with managing the plan are the only ones holding the bag for accidental oversights or breaking the rules. With a Third Party 3(16) Fiduciary like RISE Consulting, you have the ability to outsource risk and reduce liability for your company. The Chamber uses RISE as the ARP's TPA and 3(16) Fiduciary because RISE is an expert in Multiple Employer Programs like the ARP. We'd love to show you what tasks and risks they can take off of your plate.
3(38)Fiduciary
Similar to a 3(16) Administrative Fiduciary, a 3(38) Investment Fiduciary is the highest level of service and protection an employer can receive when it comes to investment selection and due diligence. The Chamber Retirement Committee has selected Strongbox Wealth to provide institutional-quality investment consulting to our members. Strongbox has a niche expertise in institutional investment management. Strongbox performs quarterly investment reviews, provides quarterly performance reporting, and delivers market updates. When Strongbox's due diligence process determines an investment is no longer meeting performance standards, they will automatically replace the fund in your plan for you. This means less Fiduciary risk and less work for you.
STRONGBOX
WEALTH
