Business Retirement Plans

Legacy Advisory Group, LLC can assist your business in developing and managing a retirement plan that maximizes the benefits for owners, executives and employees.  Our professionals have over 100 years of cumulative experience in working with businesses ranging from small doctor groups to large corporations operating in multiple locations.

We don’t focus on simply selling a “turn-key” product.  We work to understand your company’s situation and goals and then design a plan to fit your needs.  Whether you are a small business owner looking to maximize your own contributions or a large company looking for a fully integrated product for an employee benefit we will examine all the plan options to identify and design the correct plan for your company.

Process Implementation

The fiduciary obligations of plan sponsors (employers) under ERISA have been highlighted in recent years by lawsuits against 401k plans.  According to ERISA, the plan fiduciary (which can include any or all of the individuals form the plan sponsor’s investment committee, board of directors, plan trustees, benefits managers, etc.) must:

  • Operate the plan in the sole interest of the participants and beneficiaries
  • Act for the exclusive purpose of providing benefits to the participants
  • Exercise skill
  • Exercise care
  • Act prudently
  • Apply knowledge available at the time
  • Rely on experts for available knowledge
  • Prudently select experts
  • Use defined processes
  • Document the process

One of the overarching themes of these requirements is prudence as process.  The standards of modern prudent investing require a fiduciary, in appropriate situations, to establish and follow a prudent investment and management decision-making process. Establishing and maintaining this process is crucial to fulfilling the employer’s fiduciary role.

The advisors at Legacy not only assist with product implementation but can also assist with process design and implementation. We have the expertise to equip employers with the necessary processes to fulfill their fiduciary role. If you would like to learn more about how the professionals at Legacy can assist you in the design and implementation of a retirement plan please contact us for a meeting.