Enhanced flexibility in employer 401(k) design while curtailing expenses.
TPM 401(k) Plan
TPM has established a 401(k) Retirement Plan for its member companies. The TPM-Sponsored 401(k) Plan arrangement provides individual member companies with flexibility in tailoring plan features to suit specific needs while satisfying all legal requirements for 401(k) plan provisions.
This approach provides enhanced flexibility in employer 401(k) plan design while curtailing legal and administrative expenses associated with setting up a 401(k) plan.
Furthermore, due to its large number of member companies, TPM has negotiated or obtained discounted fees for plan set up and ongoing plan maintenance expenses with a Contract Administrator, Investment Advisor, and Custodian Bank that will provide the investment platform and recordkeeping services for each plan participant.
Tallus Capital Advisors*
- Tallus Capital Advisors (Tallus) is the Plan-Level Consultant and Investment Advisor.
- Founded in 2010, Tallus offers extensive experience in Plan Design & Management, Investment Oversight, and Participant Education Services.
* Investment Advice offered through Financial Advocates Investment Management, a registered investment advisor, DBA Tallus Capital Advisors.
Spectrum Pension Consultants
- Spectrum Pension Consultants is the Contract Administrator and Recordkeeper for the plan. Incorporated in 1978, Spectrum Pension Consultants, Inc. (Spectrum) is a leading consulting firm providing professional services for retirement plans and other employee benefit programs.
- Spectrum provides assistance with the master plan document and will be responsible for providing each employer with the Summary Plan Description, company resolutions adopting the plan, any required safe-harbor notices, beneficiary designation forms and ongoing plan document maintenance for IRS compliance purposes.
- Spectrum also provides recordkeeping systems that allow individual participants to track the value and performance of their retirement accounts.
- Fidelity Investments serves as the Custodian Bank and provides safekeeping for the Retirement Plan’s Assets.
The annual expenses of each member company’s 401(k) plan will vary based on a variety of factors, such as; number of employees, specific plan design features, and total assets under management.
However, due to the negotiated discounted professional rates and purchasing power of the TPM Association, it’s fair to say that TPM members will realize substantial annual cost savings by starting a new TPM-Sponsored 401(k) Plan or by transferring their existing 401(k) Plan to the TPM Association program.
Annual cost savings are projected to range from $1,000 for smaller companies with relatively basic 401(k) plans to several thousand dollars for larger employers with more complicated plans.
To learn more about the TPM 401(k) Plan Arrangement, contact the Timber Products Manufacturers Association directly, at (509) 535-4646.