Hidden fees, high expenses, administrative complexity, prudent expert investment due diligence, failed compliance testing, personal liability…No wonder only 14% of small employers offer 401(k) plans.
Smart(k)® is a feature rich, turnkey 401(k) solution designed specifically to overcome the barriers that keep small companies from starting 401(k) plans. Check out Smart(k)’s program features to understand how Smart(k) addresses these barriers.
Low Cost Fully Bundled Solution
The cost of establishing and maintaining a 401(k) plan can be a significant barrier to 401(k) sponsorship. Smart(k)® leverages technology to provide our clients with an affordable retirement solution. A solution, that in some cases, is less than half the cost of the average 401(k). Contact us for a quote. It won’t be a waste of your time.
Smart(k) is fully bundled, meaning you don’t have to deal with multiple service providers in administering your plan. Smart(k) clients have a single point of contact, a Plan Specialist, that they can call about any plan related matter. Give us a call or send us an e-mail and we’ll get you the answer you need – it’s as simple as that.
Fee Only Structure
Hidden fees in 401(k) plans. Go ahead and Google it, you’ll get millions of results and the stories you’ll read might surprise you. Smart(k), unlike many 401(k) plan products, uses a fee only approach that is completely transparent and easy to understand. Said another way, you’ll always know exactly what you are paying us. Contact us for a quote. It won’t be a waste of your time.
As the sponsor of a 401(k) plan you will have personal, not corporate, liability associated with fulfilling your many ERISA defined fiduciary obligations. At Smart(k) we know small business owners don’t have the time or desire to completely understand the nuances of 401(k) investment due diligence, plan administration or providing participant investment advice. We are 401(k) experts and do understand these nuances. That’s why we are willing to take on fiduciary liability for many1 of the services we provide our clients.
Don’t be fooled. With most other 401(k) products, you can hire a broker or third party administrator (TPA) and you may think they are relieving you of your fiduciary liabilities – they are not. The broker is likely being held to a suitability, not fiduciary standard and the TPA is providing “ministerial” not fiduciary services to the plan.
1Note, there are certain fiduciary liabilities, such as choosing and reviewing plan providers and submitting employee contributions timely, that plan sponsors cannot outsource.
Because Smart(k) was developed specifically for small plan sponsors, we have developed a program that is simple to administer. Once set-up, your day-to-day involvement in administering your 401(k) plan will be limited to submitting contributions and employee data and to keeping Smart(k) informed of ownership and structure changes at your company. From obtaining the required bond to administering distributions and loans – we’ve got you covered.
Easy to Use Technology
Today’s 401(k) participants expect instant access to their 401(k) account information. Smart(k) provides this access through interactive web and mobile applications. Participants can easily and securely enroll in your plan, view their account information, make transactions and obtain advice through our intuitive and easy to access technology.
Designs that Work for You and Your Employees
Smart(k) plans have been designed to provide owner employees the opportunity to maximize their 401(k) deferral contributions without the worry of non-discrimination testing that might normally limit these contributions. In addition, Smart(k) includes features that promote employee participation.
Participants in Smart(k) plans, irrespective of compensation level, have the opportunity to choose how their individual contributions are taxed. They can have them taxed at the time of contribution (Roth) and have them grow tax free or they can make their contributions on a traditional, pre-tax basis.
Smart(k) Benefit Comparison Chart
|Benefit||Traditional 401(k)||Roth 401(k)|
|Income Limits for High Earners2||No||No|
|1Tax law requirements must be met.
2Unlike Roth IRAs, there is no income limit on contributing to a Roth 401(k). However, both traditional and Roth 401(k) contributions may be limited by a plan's nondiscrimination rules.
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Smart(k) is an offering of EPIC Retirement Plan Services. Since 1993, EPIC RPS has been providing comprehensive retirement plan services and solutions, customized to meet the unique needs of our financial intermediary partners and plan sponsors. EPIC RPS is personally committed to your retirement plan success. We have a team of more than 250 well-qualified retirement plan professionals who are dedicated to our partners, plan sponsors and plan participants. Our experienced team members deliver "Raving Fan" service, client focused processes, and plan design and administration expertise.
At EPIC RPS, your success is more than just our business. It's our passion. Visit www.epicrps.com to learn more.