EMPLOYER RETIREMENT PLANS
At IIS Financial Services, we serve and support retirement plan sponsors throughout Maine and Northern New England. Our clients know that we deliver the resources they need to navigate the complex world of retirement plan administration and oversight. With deep knowledge of provider networks, employee benefits needs, and the evolving retirement plan landscape, we develop customized plan design, service, investment review, and education programs for each employer.
Our experience has taught us what works and what doesn't. Our process has proven effective for employers large and small, nonprofit and for-profit, in both the public and private spheres.
Our Process
Needs Assessment
What are your goals for the plan? How does leadership want the plan to work for the business owners and employees?
Plan Analysis
How does your plan stack up in the current employer retirement plan environment? Have you kept up with your fiduciary duty to the plan by ensuring that it’s staying current?
Cost Savings Recommendations
What are your service providers' fees? How much do your funds cost? Are your fees reasonable?
RFP Services
When was the last time you put plan services out to bid? Did you know the DOL requires this on a regular basis?
Plan Design & Consulting Services
Does your plan have a Roth option? A safe harbor provision? Do you want to max out your contributions while staying compliant?
Investment Services
How are your funds performing? Are they meeting benchmarks? Do you have the right mix of active and passive funds?
Communication & Education
Does your advisor provide employee education meetings? Can you get a hold of your advisor when you have questions?
Administration & Plan Management
Do you have an expert on your side to guide you through plan management and administration?
Fiduciary Services
Does your advisor share fiduciary responsibility for the plan, or are you shouldering all of that yourself?
401(k) Plans
A 401(k) is a retirement plan that allows employees to contribute a portion of their wages to individual investment accounts, either before tax or (if there is a Roth option) after tax. 401(k) plans can be designed to allow for matching contributions from employers and profit-sharing provisions, and are among the most common employer retirement plans.
SIMPLE IRAs
A SIMPLE IRA plan allows employees and employers to contribute to IRAs for employees. SIMPLEs are great start-up retirement plans for many smaller employers, due to the ease of administration.
403(b) Plans
A 403(b) is a retirement plan offered to employees of private/public schools and certain tax-exempt organizations. Like a 401(k), employees can make contributions from their paycheck either before or after tax, depending on the plan design. Contributions go into an investment account, with the employee choosing the investments from the options provided by the plan.
457(b) Plans
A 457(b) plan is a deferred-compensation retirement plan that is available for governmental and certain non-governmental employers. Typically, employees defer compensation on a pre-tax basis. Similar to a 401(k) and a 403(b), a 457(b) mostly differs in that it is a “non-qualified,” and thus not subject to ERISA rules.
Financial Planning Blog
How to Prepare Your 401(k) Plan for Secure 2.0 Changes?
Adding a Safe Harbor to Your 401(k) Plan
Strategies to Help You Get the Most Out of Your 401(k) Plan
Time to Review Your Company's Retirement Plan
Maine Retirement Savings Program: Details & Deadlines for Employers