Partner Series 401(K)
Benetech’s Partner Series program was designed to give the employer a unique combination of maximum flexibility in investment choice and plan design, along with reasonable administrative fees and excellent record-keeping services.
Benetech provides administrative services for the following investment platforms:
- John Hancock
- American Funds
Shared Experience – Seamless Service
There are many “cookie cutter” 401(k) programs offered by financial institutions that bundle plan administration with their investments. However, these programs often come with limited plan design options and with investment restrictions. The result is usually a retirement plan bundle that is neither cost effective nor user friendly – one that usually has a strict requirement to use a large percentage of the institution’s funds.
Benetech’s Partner Series is different. Our partners are some of the country’s largest financial institutions. They are motivated to bring to the smaller-plan market the innovations in the area of investment product development and technological support which, until recently, where only offered to the largest plan sponsors.
Together we provide the best of both worlds: the expertise of working with retirement plan experts regarding compliance with IRS and DOL requirements, and a cost-effective offering of innovative investment products and employee education support.
Benetech and our partners provide this program as a fully unbundled arrangement. We are so confident that this arrangement will be an excellent fit for your company that there are no strings attached to changing one service provider while keeping the other: if you are unhappy with either Benetech or the investment partner, you can switch to a new provider for that service while retaining the services of the other.
Partner Provides Investment Platform and Employee Communication Support
Our investment partner provides participant accounts on a “daily valued” 401(k) investment platform, and gives participants 24-hour access to their accounts.
Each pay period, the employer transmits to the partner’s investment platform the company’s payroll data and the funds to be invested according to participant elections. Each quarter, this platform provides participants with statements summarizing their account activity.
Our partners also provide comprehensive employee communication materials, as well as enrollment support, as needed.
Benetech Provides Plan Expertise
Benetech’s role is to provide the plan sponsor up-front consulting, plan documents, and excellent ongoing support for plan operation, testing and reporting.
Your plan would be assigned to a knowledgeable 401(k) Specialist, who will be your principal point of contact at Benetech regarding your plan.
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