Cost-Saving Opportunities

No more plan document costs

Recently, the Department of Labor changed the law to require that every six years all 401(k) plan documents must be completely rewritten. This is referred to as a restatement. Making these amendments and restatements can cost your company thousands of dollars. With The Architect 401(k) Solution, The Finway Group takes on the responsibility, as ERISA 3(16) Plan Administrator and 4.02 Fiduciary, to maintain your plan document and keep it up to date at all times so you never have to worry about the qualified status of your plan document. This will save you time, money and worries.

No additional tax filing costs

As a plan sponsor, you are responsible for making sure your IRS Form 5500 is filed every year. As an adopting employer, under The Architect 401(k) Solution, we capture all the data necessary to file your tax return and we are responsible as 3(16) Plan Administrators for "signing your IRS Form 5500" and making sure your return gets filed correctly and on time.

No more compliance testing costs

Most non-Safe Harbor plans must comply with annual non-discrimination testing to ensure these plans do not favor the owners and/or highly compensated employees. The cost for testing can reach thousands of dollars each year. All plans continue to be tested and annual evaluations provided.

Reduced administration and fund fees

Because many adopters have come together to form The Architect 401(k) Solution, through economy of scale we are able reduce the cost for recordkeeping and administration through a multitude of industry leading vendors. We are also able to reduce fund fees by selecting the lowest-cost share class of mutual funds and ETFs on our investment platform, while still maintaining an industry-leading fund line-up selected by our independent third-party 3(38) Registered Investment Advisor (RIA).

Saves time in daily oversight

Many employers assign a key person in their firm to monitor, administer, track and oversee the daily operations of their retirement plan. The Architect 401(k) Solution will free up valuable time for this key person, allowing them to focus on other important issues that may help the company be more efficient and profitable.

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