HHM Wealth engages business owners, plan sponsors and plan trustees to help design, implement and manage their company’s 401(k) / Profit Sharing retirement plan. The primary goal of this engagement is to ensure the plan design is optimally positioned for the changing workforce while maintaining ERISA compliance. HHM Wealth brings more than 40 years’ of experience in Retirement Plan Consulting to bear for clients including the CFP® and AIF® (Accredited Investment Fiduciary). A general outline of the services HHM Wealth provides its’ retirement plan clients includes:
ERISA Compliance Audit: Review the plan documents, operating procedures, investments, employee education to ensure compliance with applicable law and statutes.
Review Plan Design: Review plan documents to ensure plan design is consistent with Plan sponsor’s goals and objectives while balancing both long-term retirement objectives and near-term tax benefits.
Employee Education Sessions: Meet with employees regarding purpose of 401(k) plan – its’ design, options, investing, etc.
Employee Enrollment: Hold new employee enrollment meetings at least twice a year. This meeting can also be used as an extension of the employee education program for previously enrolled participants.
Plan Sponsor Interface:
Review offered investment choices
Development of Investment Policy Statement
Prepare periodic investment lineup reports to Plan Sponsor or Retirement Plan Committee
Ongoing monitoring and oversight of investment selection
Interface with Plan Custodian and Third Party Administrator (TPA): Interface when necessary to insure seamless uninterrupted operation of the plan for the benefit of the participants.
Interface with Plan Auditors: Our advisors work closely with plan auditors to ensure timely, accurate and cost effective review.
Implied in the process of wealth transfer is the minimization of taxes. HHM Wealth advisors are specifically trained to analyze various tax implications of various investment strategies. Some of the tax minimization strategies include:
Coordinating retirment income distributions
Tax location – the practice of strategically placing investments in different types of accounts to maxmize their after tax returns
Estate freezes – transfer of assets to minimize ultimate estate tax assessment (frequently referred to as ‘freezing the estate’)