Establishing a 401(k) retirement plan shows that you care about your employees—an important first step. That plan then becomes an independent legal entity, separate from your business, and subject to strict regulation by the Department of Labor. Advisors at Conry Asset Management are well versed in Department of Labor fiduciary rules as they hold the Accredited Investment Fiduciary® (AIF)® designation.
We can put a 401(k) or 403(b) plan in place, and see that the plan design, investment lineup, and participant education issues are handled properly. Our electronic filing cabinet allows for easy online access to plan documents, quarterly investment monitoring reports, and other archived fiduciary activities.
On an annual basis, we will hold a formal plan review meeting, delving deeply into investment monitoring and lineup enhancements, participant education activities, plan design, and a fiduciary review.
While your employees build their careers, we look after their retirement assets. If they make regular contributions, and we do our job, your employees will be building a financial resource for the future.
Good benefits create good employees.
Be aware, however, that the legal and reporting responsibilities are not perfunctory. In fact, ultimate fiduciary responsibility for a retirement plan falls on the business owner.
A California power utility was charged with offering its employees three mutual funds with relatively high management fees, when lower institutional rates were readily available for the same funds. Merely a bureaucratic oversight? In Tibble vs. Edison International, California's Ninth Circuit Court ruled (March 2013) that the power utility breached its fiduciary duties by failing to secure the best deal for its employees. The ruling demonstrated that the Department of Labor's ERISA requirements must be taken seriously and that businesses have no protection from negligence.
We understand the regulatory compliance and filing requirements and can handle them for you—as we do for many successful firms. Here are some of them*:
Advanced Dental Care
ADF Industries, Inc.
Bayer, Odlum & Hyde, LLC
CNC Engineering Company, Inc.
Consulting Engineering Services
CRN International, Inc.
Eyelet Design Inc.
Hartford Distributors Inc.
Kensington Fire District
Makiaris Media Services
Really Big Ideas, LLC
Superior Plastics Extrusion DBA Impact Plastics, Inc.
The Foresight Group
Zackin Publications, Inc.
*In an alphabetical listing, every other client was selected. It is not known whether the listed clients approve or disapprove of Brendan Conry, David Weigert, Conry Asset Management, Commonwealth Financial Network or the financial/advisory services provided.