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Copyright 2010 Powers Financial Group: 401(k) Plan. All Rights Reserved.
Our Services
PFG has been built upon a single principal - professional excellence. You probably think that this should be the driving force behind all TPAs (this is the main acronym in the pension service provider industry; it stands for Third Party Administrator.) Perhaps it was at one time.
The 401(k) plan business, however, has grown into a complex realm of competing industries, many of which do not devote themselves to the pursuit of professional education. For those of you who currently sponsor a qualified plan, it is not easy to know if your provider is truly competent. They use legal jargon and expressions that are impossible to understand. When my mechanic tells me what's wrong under the hood I simply grit my teeth and open my check book. Fortunately I know right away if my car has been properly repaired.
Unfortunately, it is very difficult to know if you TPA has given you accurate, educated advice. For those of you shopping for a provider it is equally daunting. Many of you will retain a provider after being bludgeoned into submission. You can't bear any more of the legalese, so frustrated and exhausted you just say "yes" and hope for the best.
PFG makes the promise that if we cannot provide you with clear and logical answers, that you totally understand, we will not seek your business! PFG is devoted to thorough industry knowledge and education. We constantly stay abreast of the frequent changes in pension law and regulations. Most importantly, we make sure that your plan benefits from this up to date information. In short, we pursue professional excellence. Here are the services we provide:
Plan Design. One of the biggest pitfalls in adopting a plan is improper design. Some providers extol the virtues of their space age technology, decades of experience, advanced software, etc. Then when you sign the contract you wind up with a cookie cutter design which is not tailor made to your needs. PFG always considers all of the vital aspects of your business in designing your plan. We examine your:
- Entity Type (corporation, partnership, etc.)
- Organizational structure and size
- Specific needs of management (individual partner as well as company needs)
- Budgetary and cash flow issues.
- Company culture (the specific needs of your staff)
PFG is a fee-only service provider; we do not sell any products nor do we offer any investment advice. As a result our designs are motivated by one thing only: your retirement plan needs!
Implementation. Once you have decided on what features your plan will have, PFG will walk your staff through the steps necessary to bring the plan to life. If you have been frustrated with this issue in the past, it is not your fault. Your service provider should be able to guide you with minimum hassles. Getting a plan up and running should not be torture. You may even find it interesting. We accommodate your staff and schedule till we arrive at your comfort level.
Administration. This is the meat and potatoes of pension work. The laws of qualified plans embody a tremendous wealth of advanced scholarship. This is where many providers make their most costly mistakes. The skills to work within ERISA rules (ERISA is the driving legislation behind pension plans.; it stands for the Employee Retirement Income Security Act of 1974) require lifelong dedication. Any administrator or consultant who is not a perpetual student of this material cannot provide competent service, period. At PFG we define the phrase "ERISAholic." We will make sure that your plan satisfies the ERISA rules (remains compliant) in both design and operation. Through on-going and annual testing and review we stay on top of all the issues related to plan operation. Our regular testing duties include:
- ADP/ACP
- 415
- Top Heavy
- 404 Deductions
- 410(b) Coverage
- RMDs
- Loans/Hardship Distributions
- Contributions and Vesting
- Trust Accounting
- Annual Financials
- Reporting (5500 Series, SARs, 1099s, etc.)
Pardon the IRS lingo - we will be glad to explain in detail when you call. And, just for fun, the next time you speak with a TPA relationship manager (aka salesman), ask: "What are the two requirements necessary to satisfy the age 55 exception to the premature distribution penalty of Section 72(t)? Is this guy as sharp as his $2,000 suit?
Consulting. Retirement plans are long term savings vehicles. Over time changes can and do occur. Law changes, employee needs, the investing environment, all have impact on your plan. It is important to have a dedicated, educated advisor on your side. PFG designs and administers plans for the long term. When the time comes for plan review we will be ready to help you with your questions.
Continued Education. An often overlooked aspect of plan operation is participant education. It is easy to get caught up in the legal/financial details of a plan and lose sight of its purpose, which is to provide retirement benefits to you and your staff. PFG is always ready to conduct meetings and provide assistance over the phone in an effort to keep you well informed. A successful plan is one in which everyone understands and appreciates the value it delivers. Give us a call with questions about how we can help you achieve your retirement plan goals
Please contact Power Financial Group for further information about ERISA rules and to learn how we can assist your sponsorship of a 401(k) plan or other qualified retirement plan.
Understanding ERISA Rules and Your Plan
Contact Us
Powers Financial Group
Phone:
860-836-0106
Address:
160 Hunt Circle
Texarkana, TX 75501
Email:
We offer the following services:
- Plan Design
- Implementation
- Administration
- Consulting
- Continued Education
