West Metro Chamber of Commerce 401(k) Retirement Plan Exchange® is a complete, cost-effective, turnkey retirement solution.

West Metro Chamber of Commerce has partnered with Transamerica to help employers spend more time running their business, not their retirement plan. TAG's design handles administrative duties, reduces your risk, and is cost-effective.

What is it?

The West Metro Chamber of Commerce 401(k) Retirement Plan Exchange® uses Transamerica's 401(k) Retirement Plan Exchange® solution platform. It is based on sound structural elements that have been developed over the past 20 years, reviewed and successfully tested to accept fiduciary responsibilities specified by ERISA law and IRS and Department of Labor (DOL) regulations while striving to provide compliance assurance with those regulations in order to reduce fines and penalties.

Advantages

5 advantages with the West Metro Chamber of Commerce 401(k) Retirement Plan Exchange®

Making it simple

Employers don't want to be 401(k) experts.

As the plan's third party administrator, 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, employers can significantly reduce their defined legal obligations and responsibilities.

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.

The West Metro Chamber of Commerce 401(k) Retirement Plan Exchange® combines industry-leading professional service providers for "end-to-end" retirement plan oversight, including robust tools and resources for employees.

Cost-effective

Employers don’t want to overpay.

The West Metro Chamber of Commerce 401(k) Retirement Plan Exchange® is built on a pooled pricing model and may cost less than other programs offering fewer comprehensive services.

Administrative responsibilities

The West Metro Chamber of Commerce 401(k) Retirement Plan Exchange® removes more than 90% of your administrative tasks compared to sponsoring a plan outside of the Exchange.

Your load is lighter with the West Metro Chamber of Commerce 401(k) Retirement Plan Exchange®

As a retirement plan sponsor, your primary responsibilities* are to select and monitor service providers and:

  • Upload payroll files**
  • Collect year-end data**

Without the West Metro Chamber of Commerce 401(k) Retirement Plan Exchange®, your responsibilities are:

  • 3(38) Investment Manager Appointment, Monitoring, and Removal
  • 402(g) Limit Reporting
  • 404(a)(5) Notice Distribution
  • 404(c) Notice Distribution
  • 408(b)(2) Notice Distribution
  • Annual Discrimination & Coverage Testing
  • Auto-Enrollment Notice Distribution
  • Beneficiary Determinations
  • Blackout Notice Distribution
  • Census Review
  • Corrective Distributions
  • Death Benefit Approval
  • Distribution Processing
  • DOL and IRS Issue Resolution Assistance
  • Eligibility Calculations
  • Eligibility Notifications

  • Error Correction Monitoring
  • Force Out Processing
  • Form 5330 Preparation & Filing
  • Form 5500 Preparation, Signing, & Filing
  • Form 8955 Preparation, Signing, & Filing
  • Fund Change Notice Distribution
  • Hardship Withdrawal Approval
  • Loan Approval & Reporting
  • Loan Default Monitoring
  • Loan Policy Administration
  • Lost Earnings Calculations
  • Participant Enrollment Assistance
  • Payroll Aggregation
  • Plan Design Review
  • Plan Document Interpretation
  • Plan Document Preparation & Archiving

  • QDIA Notice Distribution
  • QDRO Determinations & Reporting
  • Required Minimum Distributions
  • Safe Harbor Notice Distributions
  • Summary Annual Report Production & Distribution
  • Summary of Material Modification Notice Distribution
  • Summary Plan Description Production & Distribution
  • Termination Date Verification & Maintenance
  • Termination Withdrawal Approval
  • Vesting Verification & Tracking
  • Year-End Data Collection & Review

DOL audits can be costly for your business!

The IRS penalties are $250 per day up to a maximum of $150,000. The DOL penalty is up to $2,739 per day, with no maximum.

As named fiduciaries on your plan, we will mitigate this risk for you provided that your business provides complete, accurate, and timely data for TAG to prepare and submit the Form 5500 filing on your behalf.

Core benefits

Removes pressure

Takes pressure off your internal administrative resources and allows you to use those resources elsewhere

ERISA support

Provides access to service providers with ERISA and investment expertise

Fiduciary responsibility

TAG delivers fiduciary protection at the highest level

Work with investment professionals

Outsources investment selection responsibility to investment professionals

Over 20 years of experience

Experience over enthusiasm

Retirement plan providers are currently struggling to deal with pooled structures. Many are enthusiastically working with pooled plans, such as pooled employer plans (PEPs), for the first time. Transamerica has been an innovator in pooled structures for nearly 25 years. Our experience has helped employers understand how to structure the plan to get the best savings and protection available to you.

We have a proven track record of understanding employers' needs and effectively meeting those needs.

Additionally, retirement plans carry significant fiduciary liability and government compliance exposure for employers. The West Metro Chamber of Commerce 401(k) Retirement Plan Exchange® outsources most fiduciary responsibilities and compliance to TAG Resources to the highest extent available. While most retirement plans do not offer this level of fiduciary and compliance assistance, TAG works as your retirement department by becoming a signatory named fiduciary on your retirement plan.

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.

Key partnerships

West Metro Chamber of Commerce

A Denver chamber of commerce wanting to brand solution and endorse FA to introduce and sell solution to chamber members. West Metro Chamber exists for the success of business in Jefferson County, Colorado. We have members in Lakewood, Wheat Ridge, Littleton, Edgewater, Arvada, Golden, Evergreen, South Jeffco and around the Denver Metro Area. West Metro Chamber provides business connections, helps make your business more visible and educates business owners.

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Plan administrator

TAG Resources

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).

As such, TAG Resources is responsible for the day-to-day operations of your plan. The functions we perform on your behalf include: the signing and filing of the Form 5500, include services such as QDRO determinations, plan operations, participant claims and appeals, distributions, and beneficiary determinations.

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Recordkeeper

Transamerica

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.

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Investment manager

Fiduciary-Plus

Fiduciary-Plus is a named fiduciary to the plan, responsible for the investment selection, monitoring and ongoing due diligence of the funds in the investment menu in accordance with the Investment Policy Statement (IPS) for the Plan. RPA Financial helps business owners and plan committees manage fiduciary liability by accepting responsibility for investment decisions as an ERISA-defined 3(38) discretionary investment manager and also offers clients cost analysis with annual fee benchmarking, plan governance educational webinars, and a fiduciary vault to support storage of vital documentation. RPA Financial, as the 3(38) investment manager, has over $24 billion in assets under advisement as of December 31, 2023.

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Financial professional

High Point Financial Group, LLC

Dan Morris is an investment advisor representative with High Point Financial Group, LLC, offering to his clients the dedication and commitment required of an entrepreneur. He completed a Bachelor of Science degree in Finance at Northern Illinois University and began his first business while in college. Dan works with nonprofits and growing businesses in the Denver metro area. He has worked as a business owner with partners and with a large base of employees allowing him to understand the demands of leadership teams. Dan focuses his efforts on retirement plans, supporting organizations to attract and retain employees, as well as planned-giving with boards, volunteers, and donors of nonprofits.
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We are ready to help.

Visit us today at www.highpointgrp.com