Advisor Helps Community Bank Improve Retirement Plan for Employees

East Granby, CT – Today, the Retirement Advisor Council offered a case study demonstrating how the inclusion of an advisor in a strategic retirement planning session can make a world of difference.

Today, the Retirement Advisor Council offered a case study demonstrating how the inclusion of an advisor in a strategic retirement planning session can make a world of difference for the employer and the employee. Kidder Advisers, LLC of Des Moines, Iowa partnered with a local Midwest bank to overhaul their retirement plan to make it more competitive and cost efficient. The bank, which has nearly 100 employees and almost $2 million in plan assets, wanted to develop a tax advantaged solution that addressed the needs of all employees

Keith Gredys and his team at Kidder Advisers, LLC were selected to help assess the existing retirement plan and recommend an improved solution, which included switching from a SIMPLE plan to a 401(k) plan to help increase annual contributions. The team also recommended a profit sharing component which could potentially lead to increased retirement security for all participants

Case study posted HERE

Most business owners don’t realize it, but you can customize a plan to fit your strategic needs,” said Keith. “In the small and micro-sized plan space, we typically tailor plans to address the needs of all employees and that includes maximizing the benefit to the key group while keeping employee costs manageable. The goal is to increase the tax savings sufficiently to pay for the employer contributions made to the employees.” says Gredys.

By redesigning the bank’s retirement plan and adding a cash balance benefit, Kidder roughly doubled the average retirement contributions of base-level employees, and substantially increased the level of savings that key executives could receive.

The Retirement Advisor Council is a national organization that advocates for successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisors, investment managers and defined contribution plan service providers.  To advance its mission, the Council undertakes initiatives in the areas of research, public relations and promotion, general public education, regulatory positions and practice management.  The Council accomplishes this mission by:

  • Identifying duties, responsibilities, and attributes of the Professional Retirement Plan Advisor.
  • Sharing professional standards with plan sponsors who are responsible for the success of their plans.
  • Providing collective thought capital to decision makers, product providers, legislators and the public.
  • Giving voice to the retirement plan advisor community.
  • Offering tools to evaluate advisors to ensure the quality of services provided.

Case studies may not be representative of the results of all clients and are not indicative of future performance or success. Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through Kidder Advisers, LLC, a registered investment advisor and separate entity from LPL Financial. Retirement Advisor Council is a separate entity from LPL Financial and Kidder Advisers, LLC.

Viewpoints

Comments

Case Studies

Advisor Search

View Our Annual Reports