RETIREMENT SERVICES
The Hilb Group offers comprehensive retirement services to help you optimize a retirement program for your business and your employees. From program design and plan management to education and fiduciary support, we provide all the guidance you need to ensure your plan’s future success, today.
Customized solutions designed to fit your needs
An employer-sponsored retirement plan is a key component of any employee benefit package. And starting a retirement savings plan can be easier than most business owners think. What’s more, there are a number of retirement programs that provide tax advantages to both employers and employees. As a Third Party Administrator (TPA) for over 1,000 retirement plans, The Hilb Group has the expertise and experience to customize a retirement plan designed to fit your needs.
We follow a proven four-step process for designing, implementing and administering each retirement plan:
Plan Design and Selection
This step is the most critical and the foundation for a successful retirement plan. Clearly identifying your objectives – such as attracting and retaining top talent, maximizing contributions for key employees and owners, and minimizing plan cost – ensures that you select the correct plan type. Plan types include:
We follow a proven four-step process for designing, implementing and administering each retirement plan:
- 401(k)
- 403(b)
- Profit Sharing
- Defined Benefit
- Cash Balance
Planning Ahead
Our customized approach gives you the flexibility you want and the outcomes your participants desire
Plan Documents and Amendments
Each retirement plan is governed by a set of legal documents, which includes a resolution, adoption agreement and summary plan description. As the tax laws change, we make sure that your legal documents remain in compliance with current IRS regulations and prepare periodic plan amendments or restatements as required.
Communication and Installation
We help you effectively communicate your new retirement plan to employees so they understand the benefits being offered. For those who want to join, eligible employees will receive the necessary enrollment forms and notices as required by law. Throughout the process, we work closely with your financial advisor, accountant and payroll provider to ensure a smooth installation
Plan Administration and IRS Reporting
Once your retirement plan is up and running, we handle all the necessary plan administration and annual IRS reporting to keep your plan in operational compliance, including:
- eligibility determination
- distribution/loan administration
- employee vesting
- annual employee notices
- nondiscrimination testing
- IRS Form 5500 preparation & filing
- contribution calculation
If you are looking to start a new retirement plan for your business or review your existing plan, please give us a call today for a free consultation at 800.678.1700.