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ADMIN’S 2022 WEBINAR LINEUP

While the past two years have definitely changed the way we all work, ADMIN is using the 2022 year to reconnect with Financial Advisors as they support their clients both remotely and in person. This year ADMIN will be hosting quarterly webinars on various retirement plan topics including IRS audits and retirement plan options for charter schools. Our objective with these webinars is to ensure advisors have up-to-date education on retirement plan administration so they can best service their plan sponsor clients.

HERE’S WHAT TO EXPECT

In depth webinars hosted by ADMIN’s National Sales Manager, Greg Verna, on retirement plan compliance and administration. ADMIN’s focus on tax-exempt and government retirement plans allows us to share our expertise to Financial Advisors working in this unique market.

Here is a sneak peek at our current webinar lineup for 2022:

IRS AUDITS: PROTECTING YOUR PLANS

In this webinar, we will take a look at IRS Audits and how they impact retirement plans. Who is subject to an IRS audit? What are some of the top violations? How can advisors and TPA support plan sponsors in an audit? We cover all this and more!
WANT TO REGISTER? Click on the link below

CLICK HERE to register for the webinar on June 22, 2022 @ 11am EST

CLICK HERE to register for the webinar on September 28, 2022 @ 2pm EST

CHARTER SCHOOLS: WHAT TO KNOW

In this webinar, we will explore retirement planning for charter schools. How are charter schools defined? What plan options do they have? Are charters schools subject to ERISA? We cover all this and more! 

WANT TO REGISTER? Click on the link below

CLICK HERE to register for the webinar on June 29, 2022 @ 2pm EST

CLICK HERE to register for the webinar on September 21, 2022 @ 11am EST

Questions? Feel free to contact our Sales Manager, Greg Verna, to learn more about our webinars and how you can work with ADMIN Partners! You can reach Greg via email at GVerna@youradminpartners.com or by phone at 856-382-3501.

UPDATES TO FINANCIAL HARDSHIPS

Our TPA clients may recall that back in late 2018, we announced changes to the financial hardship distribution option for 403(b), 401(k), and Governmental 401(a) Plans. These changes, a result of the Bipartsian Budget Act of 2018, will only impact plans that currently permit hardship distributions as part of their plan provisions. It is important to note that the Budget Act of 2018 specifically cites 401(k) plans, therefore, rule changes with respect to employers sponsoring 403(b) plans are a bit more confusing.

With 403(b) plans not being cited in the Budget Act; consequently, certain rule changes do not technically apply to 403(b) plans. This legislative deficiency relates to making other contribution sources (besides employee deferral contributions) available for hardship distributions. ADMIN has consulted with legal counsel on the issue, and as a result, we are recommending that clients sponsoring 403(b) plans do not permit other contribution sources to be used for hardship distributions until the Congress enacts a technical correction to fix the issue. 

There are other rule changes that will impact how ADMIN administers both 403(b) and 401(k) plans that permit hardship distributions. These changes took effect January 1, 2019. Here is a summary of those changes:

ADMIN has been in communication with our investment provider and record keeping partners. Many of them have previously announced changes to their systems to implement new hardship rules that were passed as part of the Budget Act.

These changes do require updates to the documents of those impacted plans. ADMIN Partners will be reaching out to our existing clients in the next few weeks with the necessary documents to facilitate these updates for your plans. In the meantime, if you have questions or need additional information, please feel free to contact us at (877) 484-4400. 

ADMIN AT THE NTSA VIRTUAL SUMMIT

The National Tax-Deferred Savings Association (NTSA) recently hosted their annual Summit via a virtual series of workshops on 403(b) and 457(b) retirement plan education. Our very own CEO, Mark Heisler, was the host of a workshop examining on one of the most frequently asked questions by Financial Advisors…

Which ERISA retirement plan is best suited for a 501(c)(3) organization: a 403(b) or a 401(k)?

During the session, Mark discussed the similarities and the differences between the two plan designs when working with a 501(c)(3) organization that is looking to establish a retirement plan for their employees. He paid particular attention to the different rules associated with non-discrimination testing, post severance employer contributions, and the excise tax correction for late deferrals. In the final analysis, the decision to recommend one plan design over the other comes down to the facts and circumstances of the organization. It is a matter of knowing the right questions to ask employers about the organization to arrive at a sound recommendation.

Interested in learning more about the difference between 403(b) and 401(k) plan designs?

Contact our team today and learn more about what plan design is right for your organization!

3 QUESTION THURSDAY: WES IFAN

As part of our commitment to providing continuous retirement planning education, ADMIN Partners is adding a new series to our blog: 3 Questions Thursday! This series will be an opportunity for ADMIN to introduce you to leading Financial Advisors working in the retirement space. Each month a new Advisor will join us in answering 3 questions that can help Plan Sponsors and Participants better understand how to benefit from their retirement plan(s).

Today we are showcasing Wes Ifan with Kobo Wealth Strategies. ADMIN’s sales team was introduced to Wes a few years back and have since built a great rapport with the emerging advisor. He is the CEO and Senior Financial Advisor of Kobo Wealth Strategies and has over 15 years of experience in financial planning. We were especially excited to feature Wes due to his expertise in the church/religious organization retirement planning space. As you may recall from our ADMIN Education series (here), the unique plan design for churches and religious organizations requires a proficiency that supports Plan Sponsors and their Participants. In today’s 3 Questions Thursday, Wes shares what brought him to this sector of retirement planning and advise on saving for your future during these uncertain times.

As we enter a new year, 2021 is filled with such uncertainty.  In your opinion, what are some ways that financial advisors can stay relevant during such times? 

“The best ways financial advisors can stay relevant are to remain active in social media by posting content that connects with their followers both written, graphic, and video.  Also, education is a great way to engage the public in your areas of expertise and position yourself as an expert in the marketplace.”

ADMIN Partners has had the pleasure in doing business with you over the past few years, particularly in Church retirement plans.  What would you say drives this passion? 

“As someone who grew up in church my whole life, I understand the difficulties that churches and particularly pastors have with finances.  I wanted to make sure that part of my practice focused on helping pastors and church staff to have access to the advice they need and the resources to be successful financially.  The partnership with Admin Partners helps me do it in a professional and cost-effective way.”

How would you advise plan sponsors to encourage employees to save for retirement during such financially challenging times?

“The key is not to stop saving.  Even if you have to reduce your contributions, the key is to keep saving.  I know that can be challenging during these times.  Plan sponsors should work with the advisors to promote education and financial literacy.  Especially now with everyone used to Zoom and other video platforms, you can provide 30 minute quarterly education for the employees which I think helps.”

To learn more about Wes and his work in financial planning, visit the Kobo Wealth Strategies website. You can also connect with Wes online via his Instagram and LinkedIn.

Kobo Wealth Strategies is a branch office of Securities America. Securities offered through Securities America, Inc Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. Kobo Wealth Strategies and Securities America are separate entities. 

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ADMIN EDUCATION: BUNDLED vs. UNBUNDLED

Over the past year ADMIN Partners has used our blog series, ADMIN Education, to share retirement planning knowledge that helps Plan Sponsors, Participants, and Financial Advisors with their retirement plan administration. The series has showcased an array of topics including contribution options like Roth Deferrals as well as insights on complex plan designs for organizations such as churches and religious organizations. The good news is there is still a lot of information to share and our team is kicking off 2021 with a new post.

When it comes to retirement plans, there are several components for employers to consider. One of which, is whether to use a bundled or unbundled provider. While there are no absolutes when it comes to which option is best, there are some things employers should know about the setup for each choice. In this two-part post, ADMIN’s team will share the specifics surrounding both an unbundled and bundled arrangement. We will also share why an unbundled solution may benefit employers and their staff.

In a bundled arrangement, the investment provider(s) supplies all retirement plan services including (financial and plan level) recordkeeping, plan administration and plan education. The idea behind the bundled solution is to allow plan sponsors to obtain all their retirement plan needs from one single source. Not all investment companies offer a bundled solution; however, there are some larger institutions that will utilize a bundled arrangement for their retirement plan clients. To do this, providers need to establish an in-house TPA that can manage the plan’s administration alongside their financial representatives who maintain the financial investments. In Part II, we will take a deeper look at the in-house setup for bundled arrangements as well as the costs that come with this single source solution.

Unlike a bundled arrangement, an unbundle solution allows a Plan Sponsors the option of choice. Sponsors can still determine the best investment provider(s) for their retirement plan, but they can also choose the best organization to help support them with their plan administration needs. The unbundled arrangement is more commonly seen in 403(b) retirement plans where there are often more than one vendor offering investments within the plan. The flexibility of an unbundled setup complements the complexity that can come with a multi-vendor arrangement (read more on that here).

While it may seem that the single source offered in a bundled solution is ideal, there are many factors to be considered when it comes to what is best for your retirement plan. In Part II, ADMIN will explore the structure behind each arrangement as well the costs associated. Stay tuned!

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2020 CLIENT REVIEWS

2020 had it’s hardships and while ADMIN Partners was not exempt from the impact of the challenging year, overall we had a successful year. Not only did ADMIN welcome a number of new clients, but we reconnected with our existing clients during these uncertain times.

Throughout the year, we asked our clients and advisor partners to share their feedback on ADMIN’s teams and the services we provide. This allows us to see where we are doing well and where we can improve when it comes to supporting retirement plans.

Here is some of the feedback we got over the past year:

We are so grateful to all of our clients and partners for their feedback and continuous support. We look forward to diving into 2021 with you by our side!

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A LOOK INSIDE THE ADMIN SOLUTION

ADMIN’s CEO, Mark Heisler, was recently invited to partake in a video case study for one of our clients, the Anglican Church of North America (ACNA). The video was created to detail some of the challenges ACNA faced with their multi-location retirement plan.

The organization was operating two separate retirement plans with two recordkeepers and with little operational conformity. ACNA, with this assistance of its retirement plan consultant, Cammack Retirement Group, ultimately choose an all-in-solution, working with a single record keeper, MassMutual and ADMIN Partners, as the plan’s third-party administrator. 

As a leading full-service TPA in the tax-exempt and government space, we pride ourselves in providing custom plan administrative support to all our clients. As the ACNA plan continues to grow by adding new Church locations, ADMIN’s service team is right alongside to ensure a great experience. You can learn more about our efforts with ACNA in the full video provided below.

Should you have any questions surrounding the health of your company’s retirement plan, contact one of our team members today! You can reach us via email at Contact@youradminpartners.com or by phone at 877-484-4400. We can’t wait to hear from you!