Is your ministry retirement plan too complex and taking a lot of your administrative time?

If it’s too complicated for you, it will definitely be too difficult for your employees to understand. And if it's not easy for them to understand, then you are missing some important pieces.

So what are the key pieces that your plan may be missing?

Here are 3 steps that you can take that could make your retirement plan better:

Step 1: A proven firm to handle your third-party administration, your recordkeeping, and your investment advisory services.

Are you and your staff handling your plan's administration, recordkeeping, and investment selections alone or are your current providers actually helping and improving your plan and its participation?

Let’s discuss third-party administration (TPA) for a moment. TPA services is extremely complex and unless you’re willing (and have the time) to dive into the world of regulations governing retirement plans, it would be much more beneficial for you to find a TPA service.

Envoy Financial gives you the ease of simple administration by providing all your retirement plan needs, including recordkeeping and all the requirements of a third-party administrator.

Advisory Services and Help

As the Plan Sponsor of your retirement plan, you are the fiduciary. That means that it is your responsibility to to make sure your participants are getting the proper retirement education and information they need to successfully prepare for retirement. That’s a lot of pressure on you and can often be overwhelming. If you are feeling overwhelmed with these responsibilities, the best next step would be to find a financial advisor who can help provide investment advice. If you do go this route, it’s important to remember that this does not remove your responsibility as fiduciary of your plan.

Envoy Financial provides free advisory services to all plans, making sure the plan meets the needs of the plan sponsor and the participants.

Step 2: An engaging experience for your participants.

We know that only a small percentage of eligible plan participants actually take an active part in their plan. Why? Well, perhaps the plan is too complex. The harsh truth is that many participants don't understand retirement plan investments and how to invest their money. Participant education and communication are critical but they're still not enough. Even the best-designed investment plans fail if the enrollment process is too cumbersome. An easy enrollment system is one of the keys to a successful plan.

Envoy offers one-on-one professional, friendly support and 24/7 access to an online Help Center for both plan sponsors and participants. With a wide range of educational resources, Envoy provides investment knowledge and confidence that encourages participation and wise actions.

Step 3: An impactful, efficient, and affordable plan.

While many service plan providers make this promise, there are few that actually deliver. When an affordable retirement plan is designed specifically for your ministry, that plan should offer investments with institutional pricing, great customer service, and auto features such as auto enrollment, auto increase, and qualified default investment options.

At Envoy Financial, we embrace complete expense disclosure and want you to be “in the know” about the expenses you’re paying in order to have a good retirement plan account.

So what are the different services and their costs? Read more about Understanding the Components of Retirement Plan Expenses.

We understand how overwhelming it can be to find the right plan for your ministry.

You want a low cost plan that is market driven with easy administration and great support from a company that cares about you. Take a FREE 2-minute assessment online and discover if your existing plan meets your unique ministry needs.