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August 11, 2022 at 12:18 AM
What You Need to Know
- Notice requirements hit plan sponsors hard from August through November.
- Outsourcing is a way to make things better.
- You could get the attention of an employer by connecting the employer with a good administrative services provider.
There are five key moments in the year that can grow your employer retirement plan business.
Those moments are the periods when plan sponsors are thinking about:
- The annual census.
- Compliance testing.
- Production and auditing of the Form 5500.
- Preparing and sending required notices.
- Measurement and planning.
Advisors and third-party administrators, or TPAs, bring much to the table throughout the year, but these five moments represent key opportunities to partner closely with clients and bring them peace of mind.
I’ve written earlier about opportunities you have to talk to employers about the annual census, compliance testing and issues related to the creation and auditing of Form 5500 filings.
The period when employers are creating and sending required notices is another critical moment that offers advisors the chance to opportunistically sell and provide support, expertise and attention for current and prospective client relationships.
This window of opportunity to reach out to business owners lasts from August through November.
The Burden
Delivering required participant notices can be an arduous and time-consuming task for plan sponsors.
For many small and midsize plans, delivery of participant notices is an especially significant administrative burden.
Unfortunately, plan sponsors can face penalties if notices are not sent on time or contain incorrect information.
Advisors can help lessen this burden, while strengthening business relationships, by connecting clients with a reliable partner that can deliver those annual required notices.
Ekaterina “Katie” Sheliga, MBA, AIF, CPFA,