Guide Discusses Setting Up and Operating Automatic Enrollment 401k

The IRS document can be used by advisers in helping them educate plan sponsors about automatic enrollment 401(k) plans as well as to help plan sponsors set up such plans.

The Internal Revenue Service has published a document, “Automatic Enrollment 401(k) Plans for Small Businesses.” 

The booklet discusses why a small business would want to adopt an automatic enrollment 401(k) plan as well as how to establish one.

Never miss a story — sign up for PLANADVISER newsletters to keep up on the latest retirement plan adviser news.

It also explains details of operating an automatic enrollment 401(k) plan as well as plan sponsors’ fiduciary responsibilities. It includes discussions about hiring and monitoring service providers and about required disclosures to participants.

The booklet includes an automatic enrollment 401(k) plan checklist.

The document can be used by sponsors of automatic enrollment 401(k) plans to educate themselves about how to operate the plan and stay in compliance with laws and regulations. It can also be used by advisers in helping them educate plan sponsors about such plans as well as to help plan sponsors set up an automatic enrollment 401(k) plan.

Voya Launches Monitoring Tool

The new system is built to help adviser clients meet practice-management goals by offering a variety of monitoring capabilities.

Voya Financial Advisors has released its Business Builder tool, a data-driven modeling and forecasting system designed to help advisers set and monitor the progress of business-growth goals. It is geared toward advisers serving retail clients as well as those servicing plan participants in the school, government, and non-profit space.

Business Builder can help plan advisers in managing overall practice models. It is built to fit specific business models and provides a comprehensive view of Gross Dealer Concession (GDC), sales, and net new assets across multiple product categories. The tool is also built with Tax-Exempt Market (TEM) business models in mind.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

“As the financial planning landscape continues to adapt to new regulation and the retirement needs of Americans, it’s more important than ever before for firms to support the business growth of its advisers,” says Tom Halloran, president of Voya Financial Advisors. “At Voya Financial Advisors, we are constantly looking at greater resources and tools to strengthen those efforts, such as our new Business Builder tool. By investing in the most current and relevant practice management offerings, we are helping advisers run their businesses more effectively and efficiently, which means they can better serve the holistic retirement needs of their clients.”

Business Builder is the latest in a series of tools designed to help clients meet practice-management goals. Earlier this year, the firm released content repository that provides advisers with access to numerous online tools, webinar content, newsletters, discussion groups, and a large network of expert partners and contributors. It also enhanced its social media program allowing advisers to create customized content.  

“Our goal is to be a top destination for advisers,” added Halloran. “As we continue to expand our network of talent, we are committed to supporting them with the tools and resources that will demonstrate their value proposition in the market — ultimately helping their clients get ready to retire better.”

Voya Financial Advisors is an independent broker/dealer and registered investment adviser focused on helping advance the retirement readiness and financial-security needs of Americans.

«