WE CHALLENGE YOU TO FIND A BETTER 401(K)
Transamerica / Wells Fargo
Transamerica and Wells Fargo have partnered with RenewalMSO to offer you an easy, compliant, and safe 401(k) plan. Its called the TAG 401(k) Retirement Program, and it allows physician practice to provide a comfortable retirement for all employees by providing practices of all sizes with the market’s most comprehensive end-to-end retirement program available.
Many Practices Have Concerns About Having a 401(k).
- They’re time-consuming to administer: too much work has to be done by the person or people who have the retirement plan responsibility.
- They’re difficult to keep in compliance: The EBSA reported in FY 2015 67.3% of company’s 401(k)s that are audited by the Department of Labor fail the audit, resulting in average fines of $285,000. This has culminated in a cost of $5.6B over the last 4 years.
- They can carry huge liability exposure. Most people don’t even understand the risk they are accepting when offering a retirement plan – but anyone who understands the risk doesn’t want it!
- They can be expensive for the companies offering them.
- There are a lot of providers – how do you know you are getting the best?
Yet 401(k) Plans Are Key to Employee Retention
Studies have shown that a 401(k) may be the biggest hiring and retention feature a company can employ.
Ease of Administration
The responsibility of a 401(k) should never be undersold.
This is not a scare tactic; it’s a fact! 67.2% of company 401(k)s that are audited by the Department of Labor fail the audit. Because the DOL’s concern for retirement plans, above all else, is that the plan is being run for the benefit of the employees, any failings in plan administration can end up being an extremely costly problem.
Most 401(k)s place the Fiduciary Responsibility, and by extension, the risk, solely on the Plan Sponsor — meaning YOU!
Many providers in the retirement plan market say they offer “Fiduciary Liability Protection” in their marketing material, but in a court of law they flatly refuse any liability. TAG, in the course of plan administration, is listed as the Named Fiduciary on your plan – meaning that with the TAG Program, you are protected to the highest degree in the industry.
Lower Plan Cost
The TAG Plan is built on an “aggregated” model. This model combines multiple physician practices’ 401(k)s together under a single end-to-end retirement program. Every practice in the plan benefits from this aggregation in the form of enhanced services and lowered costs. Employers receive services that most providers don’t offer — and because the services are being offered to many at once, the TAG plan costs are the same or lower than those providers.
No Fines or Penalties
Because Transamerica kees the plan consistently compliant, you will not be subject to fines and penalties resulting from IRS and DOL audits.
Due to Transamerica’s industry-leading 3(16) fiduciary liability protection, your risk of loss of personal wealth resulting from fiduciary liability action is greatly reduced.