Retirement Readiness

While retirement readiness is focused on the needs of the employee, there are certain elements affect the employer fulfilling its legal duties.

“If you don’t provide education, you open yourself to liability, because you haven’t provided sufficient support to participants who must make investment choices.”

– David L. Wray, President (former) Profit Sharing Council of America

Retirement readiness- employer

There are certain standards that must be met for the investment communication materials you distribute to plan participants. ERISA requires plans to provide participants with information about the plan, including important information about plan features and funding. Some of the items required must be provided to participants regularly and automatically by the plan administrator. Others are to be provided upon request. In addition, specific intention to comply with ERISA Section 404(c) means additional information is required. By intending to comply with this section, the participant must be provided with adequate information to make appropriate choices.

Once you have a full understanding of what the communication standards and specific documents are, you should seek to determine what plan participants want and need and strive to develop an education program that meets the requirements and the needs of participants.

 Retirement readiness- employee

Most employees do not fully understand the benefit provided to them in their company retirement plan. How would your employees grade themselves on this employee report card .

Using The Advanced Investor Series™ we can walk you through a process to help you understand what is required to be provided to plan participants, understand your company’s unique needs, evaluate your participant’s understanding of the plan benefit provided, and structure an education program that will empower your employees to pursue retirement readiness.

This course evaluates your current employee education program, reviews employee preferences and unique circumstances, and customizes a program to maximize the plan benefit for everyone involved.

Our designation as a CERTIFIED FINANCIAL PLANNER ™ and our affiliation with LPL Financial Retirement Partners allows us to bring some unique readiness services to your employees. Those service can be categorized under Financial Wellness, Retirement Planning Advice and Employee Guidance during times of change.

1. Employee Education Solution	2. Employee Advice Solution	3. Employee Transition Solution
Helping employees make better financial decisions	Delivering tools, resources and personal, one-on-one consultations	Providing financial guidance during times of change
Online financial wellness self-assessment Personalized report on areas of financial strengths and vulnerabilities Workplace workshops - on site, one-on-one and online - providing deep-dive coverage of personal financial planning concepts, retirement planning, investing, distribution planning, Social Security and more	Direct access to qualified LPL Financial advisors and the Retirement Results Team Holistic advice, including investments help inside and outside the plan Advice tailored to individual goals and circumstances Focus on retirement readiness by increasing actual savings in the plan	Help consolidate retirement accounts for newly hired employees Early separation counseling, when employees leave employment Retirement couseling, to help employees prepare for their next phase of life Rollover education and guidance, covering tax considerations, asset allocation and withdrawals

LPL Financial Worksite Financial Solutions is a guidance-based, beginning-to-end retirement solution designed to help your employees create confidence in their financial life. It includes workplace education tailored to the unique needs and profiles of your workers, supported by qualified LPL Financial advisors who are committed to providing unified, coordinated advice. Whether your employees are joining the plan for the first time, accumulating assets or seeking help with career transitions, Worksite Financial Solutions pulls all aspects of your employees’ finances into a single, manageable focus that saves time.

The retirement readiness services available depend on your recordkeeper and service provider. Ascensus, Aspire, Fidelity and Mutual of Omaha are just a few of the names currently enrolled.