Retirement Plan Services
Maintaining a retirement plan that meets your needs, while ensuring compliance with governing laws/regulations, can be a daunting task. With numerous fiduciary hurdles that need to be navigated, it’s no wonder why plan sponsors are looking for fiduciary relief. The Baker Tilly Wealth Management retirement plan service model provides fiduciary protections with step-by-step guidance. Our model works best with companies who have an existing retirement plan or companies that want to set up a plan for roughly 25-500 participants
Our team uses the following steps to help our clients meet the retirement plan needs of their participants and organization.
Design and implement a plan that balances the needs of the employer and the participants. The goal is to provide a best-in-class 401(k) plan; one that reduces administrative burden and will provide the desired flexibility to produce the best participant outcomes.
Implement a fiduciary governance process that is aligned with best practices. Our service model provides §3(16) and §3(38) fiduciary services as well as a directed trustee. This approach delegates as much fiduciary risk to other parties as the law allows.
Provide highly rated, low cost institutional asset class funds and broadly diversified risk-based model portfolios. We never use proprietary products and do not receive compensation from investment product providers.
Help participants understand the importance of participating in the plan. Offering things like auto-enrollment, auto-escalation, qualified default options (QDIA) and auto-rebalancing are some of the available opportunities to lead them down the path of financial success.
Teach employees to make better and more confident decisions. Online retirement readiness education and calculators increase engagement and confidence. This approach often leads to better participant outcomes.
We provide ongoing advisory support to our clients including:
We are compliant with the Employment Retirement Income Security Act of 1974 (ERISA) and assume full fiduciary responsibility as an ESIRA 3(38) investment manager.
What does this mean for you? As an employer, you are personally liable for the decisions you make for our company’s retirement plan. Allowing Baker Tilly Wealth Management to serve as your full scope ERISA 3(38) investment fiduciary will allow you to:
Our team takes our fiduciary responsibility a step further by also providing 3(16) fiduciary services through Retirement Plan Fiduciaries, LLC.* This means that our partner takes vital responsibilities off your hands and takes complete responsibility for all aspects of plan administration. Most importantly, this means that liability is shifted, mitigating risk for you. Example tasks that Retirement Plan Fiduciaries would handle as your 3(16) fiduciary:
Handing these tasks over to a fiduciary comes as quite a relief for business owners and not-for-profit executives who are responsible for their 401(k) or 403(b) plans.
*ERISA 3(16) fiduciary services are provided by Retirement Plan Fiduciaries, LLC and not affiliated with Baker Tilly Wealth Management.
Baker Tilly Wealth Management, LLC (BTWM) is a registered investment advisor. BTWM does not provide tax or legal advice. BTWM is not an attorney. Estate planning can involve a complex web of tax rules and regulations. Consider consulting a tax or legal professional about your particular circumstances before implementing any tax or legal strategy. The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Securities, when offered, and transaction advisory services are offered through Baker Tilly Capital, LLC, Member FINRA and SIPC; Office of Supervisory Jurisdiction located at 4807 Innovate Ln., Madison, WI 53718; phone: +1 (800) 362 7301. Baker Tilly Wealth Management, LLC and Baker Tilly Capital, LLC are controlled by Baker Tilly US, LLP. Baker Tilly US, LLP, is an independently owned and managed member of Baker Tilly International. © 2022 Baker Tilly Wealth Management, LLC