Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠
What is it?
Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠
Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠ revolutionizes retirement planning in the industry, providing a comprehensive array of pooled solutions that give clients various options. Whatever size business you have, Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠ offers plans tailored to uniquely meet your needs while providing competitive pricing that generally goes hand-in-hand with large-scale setups.
Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠ is a complete, cost-effective, turnkey retirement solution.
Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠ has partnered with Transamerica to help employers spend more time running their business, not their retirement plan. The plan handles administrative duties, reduces your risk, and is cost-effective.
The flexibility to meet your needs
Comparing your options
Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠ product is unique because it consists of two plan configurations: Retirement Plan Exchange® and Choice Pooled Employer Plan℠ (PEP).
Retirement Plan Exchange®
The Retirement Plan Exchange® allows individual sponsors to select from a menu of cost-effective options to build a single-employer retirement plan and configure a support team.
- Individual plan sponsors choose from a menu of cost-effective options to build a retirement plan
- TAG handles plan administration and prepares, signs, and files the 5500 on behalf of the company
- Mesirow serves as the 3(38) investment manager (fiduciary) for plan sponsors who elect to join the Exchange
- Typically, best suited for smaller businesses and organizations
Choice Pooled Employer Plan℠
Choice Pooled Employer Plan℠ treats the plans of multiple unrelated employers as one large plan and allows employers to choose from two cost-effective investment platform options.
- Treats multiple plans as one large plan
- Sponsored by a Pooled Plan Provider (PPP)
- PPP handles administration and oversight
- Files one combined Form 5500 for the PEP
- Large plans benefit from reduced audit costs
- Mesirow serves as one of the 3(38) investment managers for participating employers in the PEP
Administrative responsibilities
Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠ takes on over 90% of your administrative responsibilities
Your load is lighter with Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions ℠
As a retirement sponsor, your primary responsibilities* are to select and monitor service providers and:
- Upload payroll files**
- Collect year-end data**
Your clients' responsibilities without Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠
- 3(38) investment manager appointment
- 402(g) limit reporting
- 404(a)(5) notice distribution
- 404(c) notice distribution
- 408(b)(2) notice distribution
- Annual discrimination and coverage testing
- Auto-enrollment notice distribution
- Beneficiary designation form maintenance
- Beneficiary determinations
- Blackout notice distribution
- Census review
- Corrective distributions
- Death benefit approval
- Distribution reporting
- DOL and IRS issue resolution assistance
- Eligibility calculations
- Eligibility notifications
- Employer contribution monitoring
- ERISA bond review
- Error correction monitoring
- Force out processing
- Form 5330 preparation and filing
- Form 5500 preparation, signing, and filing
- Form 8955 preparation, signing, and filing
- Fund change notice distribution
- Hardship withdrawal approval
- Loan approval and reporting
- Loan default monitoring
- Loan policy administration
- Lost earnings calculations
- Participant enrollment assistance
- Payroll aggregation
- Plan design review
- Plan document interpretation
- Plan document preparation and archiving
- Plan irregularity notification
- QDIA notice distribution
- QDRO determinations and reporting
- Quarterly investment review meetings
- Rate change monitoring and reporting
- Required minimum distributions
- Safe harbor notice distribution
- Summary Annual Report production and distribution
- Summary of Material Modification notice distribution
- Summary Plan Description production and distribution
- Termination date verification and maintenance
- Termination withdrawal approval
- Vesting verification and tracking
- Year-end data collection and review
Advantages
The advantages of Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠
Compliant
Employers don’t want fines or penalties.
The plan uses processes developed to administer plans according to DOL and IRS guidance to help avoid compliance issues.
Well-known providers
Employers want to work with industry leaders.
Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠ combines industry-leading professional service providers for “end-to-end” retirement plan oversight, including robust tools and resources for employees.
Making it simple
Employers don’t want to be 401(k) experts.
TAG Resources supports plan setup, implementation, monitoring, enrollment, and other duties.
Fiduciary protection
Employers don’t want to be at risk.
By shifting administrative and certain named fiduciary duties to TAG Resources (and the PPP, if participating in the Choice PEP), employers can significantly reduce their defined legal obligations and responsibilities.
Cost-effective
Employers don’t want to overpay.
Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠ is built on a pooled pricing model and may cost less than other programs offering fewer comprehensive services.
Meet the Team
A dedicated team behind Lifetime Advisors Retirement Plan Advantage Choice Pooled Solutions℠
Lifetime Advisors
Our diverse team of planning professionals at Lifetime Advisors has decades of experience in their individual fields. We came together to fill a gap in the market that has generally been underserved or priced out of the support the larger accounting firms can provide.
Recordkeeper
Transamerica is an industry-leading recordkeeper with nearly 25 years of experience with pooled arrangements. Our time-tested recordkeeping technology offers a proven infrastructure allowing for pooled arrangements, ensuring a plan will be administered successfully and accurately for the plan participant’s transition to retirement.
Financial advisor
Ian Grove
Plan administrator type 3(16) & 402(a)
TAG Resources is a named fiduciary as a plan administrator and a non-investment 3(21) fiduciary under ERISA sections 402(a), 3(16), and 3(21). It is our job to perform all functions necessary to keep your plan compliant.
As such, TAG Resources is responsible for the day-to-day operations of your plan. The functions we perform on your behalf include services such as: the signing and filing of the Form 5500, QDRO determinations, plan operations, participant claims and appeals, distributions, and beneficiary determinations.
Investment manager — Mesirow
As the named ERISA 3(38) Investment Fiduciary in the plan document, the Investment Manager is responsible for the selection and monitoring of the funds in the investment menu in accordance with the Investment Policy Statement for the plan. TAG Resources works with leading global providers of investment services staffed by research professionals, many of whom have hands-on fund management experience and the human capital, technology, and experience to manage investment risk and return outcomes.
Participant experience
Driving participant success
The Transamerica participant experience is designed to help people understand if their savings and investment strategy is in line with their retirement goals. It starts with enrollment and continues with personalized communications and financial education showing participants how they can improve their retirement readiness.
An easy-to-understand forecast is generated by the underlying methodology provided by Morningstar. Using simple weather icons, it shows participants if their current investment strategy is likely to produce the income they’re seeking in retirement and offers steps to improve their chances of achieving their goals. Your Retirement Outlook® is featured prominently on the participant website, mobile app, and quarterly statements.
Call or email us today
Call 808-315-6506 or email us at ian@lifetimeadvisors.com