Retirement plan management for nonprofit

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ibhhvc
Posts: 97
Joined: Sat Jul 11, 2015 8:44 am

Retirement plan management for nonprofit

Post by ibhhvc » Thu Mar 14, 2019 7:39 am

I'm working with a small nonprofit to start a retirement plan for employees. They were immediately pointed toward Edward Jones because EJ has local retail stores and "feels" more accessible. I'm trying to steer them in a different direction.

They're trying to outsource some of the plan management administration so that it doesn't fall on internal staff. In other words, if an employee starts a retirement plan and has questions or wants to make changes to their elections, the nonprofit wants to be able to steer that employee to a retirement plan manager who will help them and not try to sell them something.

Are there any companies that offer full service retirement plan management, maybe specifically for nonprofits, that won't gouge, hoodwink, or upsell the staff?

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Duckie
Posts: 6856
Joined: Thu Mar 08, 2007 2:55 pm
Location: California Bay Area

Re: Retirement plan management for nonprofit

Post by Duckie » Fri Mar 15, 2019 5:08 pm

ibhhvc wrote:I'm working with a small nonprofit to start a retirement plan for employees.
What kind of plan? SEP IRA, SIMPLE IRA, 401k, 403b? What? Here's an IRS comparison chart.

A SIMPLE IRA would be the least costly and require the least paperwork for the employer and both Vanguard and Fidelity offer decent fund options.

If this will be a 401k then Employee Fiduciary has good index options with the lowest overhead.

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