401(k) & Group Retirement Plans

Just like the various continents that comprise the original super continent of Pangea, the financial needs of your employees come in all shapes and sizes. The eco-system of one demographic of your employees can vary greatly from that of another, meaning different goals and objectives need to be addressed. At Pangea, we believe that everyone has wealth, so everyone should be treated like they are wealthy. The financial needs of all your employees matter. All employees, whether they are struggling with debt or managing a large nest egg in preparation of retirement, can benefit from truly objective, unbiased advice.

As a participant in a 401(k) or group retirement plan, Pangea knows that a main point of frustration for a contributing employee in a 401(k) plan is very simple . . . where exactly should I be putting my hard-earned money? While you may recognize popular catch phrases like “Asset Allocation”, “Diversification”, and “Risk Tolerance”, the big questions is, what exactly do they all mean to the financial well-being of your employees? Unfortunately, many participants are left holding the bag and given limited guidance as to their options. Unfortunately, this can commonly lead to a dissatisfaction or lack of understanding for the one and only reason they have their 401(k) account . . . to retire! By providing one-on-one guidance and financial planning for participants, Pangea Wealth is able to assist your employees in understanding how their benefits truly benefit them. No longer will retirement be a guessing game, hoping and wondering what savings rate and investment choices have the potential to make their financial objectives a reality.

Benchmarking your 401(k) plan can provide a clear understanding as to what you are truly offering your employees and what other options there may be out there. Outside of it being a key component of doing a fiduciary compliance review and places your organization on the road to fiduciary diligence. This helps identify weaknesses that can be corrected and addresses important fiduciary liability issues.

The Department of Labor is looking to make sure you are fulfilling your fiduciary responsibilities. As an independent firm and working as a fiduciary on your plan, Pangea will benchmark your group retirement plan and provide support to help you evaluate the platform, the fees, and the services being offered to you and your employees.

By definition, as a plan fiduciary, it is your duty to act solely in the best interest of the participants and their beneficiaries. As a result, you share the responsibility for guiding your employees toward making decisions that strive to afford them greater financial freedom in retirement. That being said, with these added duties comes the potential liability in acting as a “prudent person”. The responsibility to be prudent covers a wide range of functions, and since it is your obligation to carry out these functions, it may be in your best interest to work with a knowledgeable and experienced partner in the field of group retirement plans.

Unlike traditional financial consultants, Pangea Wealth can operate as your valued partner, assisting employers in understanding ERISA fiduciary requirements, education on plan design options, and regulatory issues. Our fiduciary support services include:

• 3(21) or 3(38) Investment Fiduciary Services
• Assistance creating an Investment Policy Statements (IPS) and help in adhering to it
• Monitoring of fund performance and managing the watchlist and replacement process
• Participating in your investment committee meetings
• Helping you prepare for annual audits
• Providing you with comprehensive plan provider review and benchmarking, including in-depth comparisons of plan features and fee transparency

As a plan fiduciary, your primary responsibility is to make decisions on your 401(k) or Group Retirement Plan that are in the best interest of your participants. As a result, developing an investment menu for participants goes beyond simply numbers. By utilizing an employee-centric approach, Pangea Wealth is able to develop a diversified investment lineup that strives for consistency and flexibility moving forward. From the oldest to the youngest employee, the lineup you present to your employees should allow every participant the ability to diversify for their specific needs and allow them to become retirement ready.