401 (k) Plan Review, Redesign, and Service

At Hoover and Associates we are dedicated to making your 401 (k) plan work for you and ensuring that it remains a valuable asset to your company.

Converting an existing plan requires precise coordination and smooth execution. We will closely evaluate your plan and work with you to modify your plan to meet your needs and goals. We will communicate to you any enhancements to the retirement plan program and keep you updated of industry regulations and trends that may have an impact on your plan.

We base our service on four key components of plan management: plan review, fiduciary support, investment evaluation, and participant education and communication.

Plan review:

  • Evaluating your company’s objectives
  • Reviewing your plan’s current design and features
  • Examining your plan in light of current IRS and Department of Labor regulations
  • Determining areas where your plan can improve and providing recommendations

Fiduciary Support:

  • Performing systematic plan reviews
  • Evaluating your fiduciary risk and helping minimize it
  • Working with you to modify the plan as needed

Investment Evaluation:

  • Reviewing investment options based on quantitative and qualitative analysis in accordance with the plan’s Investment Policy Statement
  • Monitoring and helping modify your plan’s investment options based on fund performance, changes to plan goals and/or regulatory requirements

Participant Education and Communication Strategy:

  • Evaluating, documenting and implementing the best plan for employee communication and education
  • Enrollment meeting support
  • Offering ongoing education on retirement planning to help improve plan participation, increase deferral rates, and promote the use of appropriate asset allocation strategies
  • Offering targeted participant communications (if applicable)
  • Monitoring the success of your education/communication plan and modifying it as necessary

 

At Hoover and Associates we have brought together a team of experienced professionals. We are dedicated to providing the sound guidance, vision, and customer care that is required in every phase of planning for successful implementation and results.