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What Exactly Does a Recordkeeper Do?

March 1, 2018

What Exactly Does a Recordkeeper Do?

In Robert Gorelick’s book, America’s Retirement Plan, Chapter 3 discusses parties to the Plan. There are a lot of different parties to the plan known as service providers. They work behind the scenes to help manage a 401(k) plan. There’s the Investment Advisor, Third Party Administrator (Benefit Equity, Inc.), mutual fund companies, and a recordkeeper, (insurance company or investment company). 

According to PlanSponsor Magazine’s 2016 Recordkeeping Survey, 401(k) recordkeepers hold $4.2 trillion of American’s retirement savings.  We also refer to them as the recordkeeping platform.

So what exactly does a 401(k) recordkeeper do? And just as important, what don’t they do?

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BEI and OCMA – A long-time, great partnership

February 15, 2018

BEI and OCMA – A long-time, great partnership

Every year the Orange County Medical Association celebrates the best physicians of the year with an evening of food, friends and fun! This year was no different. In January, OCMA chose PIRCH Design Center in Costa Mesa and invited some of the best restaurants in OC to showcase their culinary creativity.  Over 300 guests enjoyed the evening and OCMA even offered drawing for a day with a new Infiniti!

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IRS Lists Eleven Major Mistakes for 401(k) Plans 

January 22, 2018

IRS Lists Eleven Major Mistakes for 401(k) Plans 

To assist employers with plan compliance, the Internal Revenue Service (IRS) recently released information detailing common 401(k) plan mistakes. Why eleven and not ten. Well, it’s the government so don’t ask.

In this guidance, the IRS provides a summary of the eleven errors as well as information regarding how to identify each issue and correction methods to use. 

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The Best-Kept Secret For Professionals

January 19, 2018

The Best-Kept Secret For Professionals

Right on the heels of a making profit in your practice or company comes a retirement plan. The most common is a Simplified Employee Pension Plan more commonly known as a SEP. Companies with more than two or three employees usually opt for a 401(k) profit Sharing combination. Professionals and executives not satisfied with the government limitation of $59,000 on these plans can now save $200,000 or more a year.

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Big Surprise! New Tax Law Leaves Retirement Plans Primarily Unscathed!

January 9, 2018

Big Surprise! New Tax Law Leaves Retirement Plans Primarily Unscathed!

The new tax law passed recently surprised many of us involved in the creation of retirement plans, as only a few changes apply or will actually affect retirement plans in the end. This was a bit of a pleasant shock because when it comes to government debt reduction, retirement plans have always been firmly on the chopping block. 

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