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EVALUATE MY PLAN

THE BENEFITS OF OUTSOURCING

THE BENEFITS OF OUTSOURCING

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Your 401(k) Partners

Our goal is to have your administrative staff spend less time managing a 401k plan and more time focusing on your core business activities.
 

Plan Advisor

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TPA 3(16)

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3(38) Fiduciary

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Record Keeper

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Participant Advisor

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OUR TEAM

William Anderson

WILLIAM ANDERSON

Senior Wealth Advisor

As a Senior Financial Advisor and Retirement Plan Specialist for over 11 of years, my goal is to provide simpler, safer and more cost effective retirement plan solutions for my clients. My services include implementing sound strategies that mitigate the, sometimes unknown, financial risk to your 401(k) plan and ultimately your and your employees’ nest egg.
 
As an independent Investment Advisor Representative (IAR), I look to advise my clients on their existing retirement plan vs. pitching a plan or product. This is an important distinction because it means my recommendations to a retirement portfolio are independent of any one financial product or provider.
 
The majority of the time I spend with clients is focused on understanding a client’s financial needs and providing an education on the myriad of financial products available. This will help to decipher all of the critical information necessary to make the best financial decisions for you, your family, your business and your employees.
 
With an efficient and effective retirement plan for your business, this will aid in not only attracting quality talent to your business but retain the employees who you value.
 
I earned a Bachelor of Science degree in Mechanical Engineering with a minor in Economics from Norwich University Military College of Vermont. This has been a key contributing factor to my ability to analyze data projections of retirement plans and distill the data to determine how this applies to you, your plan, your goals and your future.
 
When I’m not working, I love golf, snowboarding and spending time with my family most of all.
Nick Greenhouse

NICK GREENHOUSE

Financial Advisor

Nick Greenhouse is a Registered Investment Advisor for Belpointe Wealth Management residing in Connecticut. He specializes in individual wealth management and retirement planning. Nick knows that there is no “one size fits all” solution to wealth management or retirement planning and is passionate about educating clients with unique solutions to meet each of his client's needs and goals.
 
Nick has passed his Series 65 securities examination and is a licensed CT , life, and health insurance producer. In his spare time, Nick enjoys hanging out with his family, golfing or skiing with friends, and cooking delicious things. Nick aspires to educate his local community and clients on financial wellness.
Paul Salomon

PAUL SALOMON

CPFA

Paul has been in financial services for 27 years with offices located in Cheshire & Greenwich CT, supporting Belpointe team member Advisors throughout the country.

As a Fiduciary plan consultant Paul provides independent, fee-based services that put clients’ interests above all else, always supporting ERISA plan sponsor Fiduciaries to act in the best interest of plan participants and their beneficiaries.

Paul focuses on the unique needs of each corporate client, meeting them wherever they are in terms of their knowledge and experience of ERISA, driven by keeping the clients on a “Fiduciary Continuum” of growth

Areas of Concentration:
1) Investment fiduciary best practices
2) Dynamic plan benchmarking: fee and service analysis
3) Plan design assistance
4) Integrated team model for participant education
5) Focused on Fiduciary Outsourcing
6) Pooled Retirement Plan Options

FAQ: Small Business 401k

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Our small business solution is exactly what it sounds like. Belpointe has designed a 401k plan to be cost effective and efficient for Small Business.

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There are 2 partners involved in managing this small business solution. Belpointe LLC (3(38) investment monitoring and plan advisor) and 401kGO (record keeping, administrator, TPA, 3(16))

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This plan was designed to be efficient and cost effective for companies looking to start up a 401k as well as smaller companies that already have retirement plans.

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There are only 3 fiduciary responsibilities left for the individual business owners under this plan

  • monitor service providers,
  • submit payroll in a timely fashion
  • provide updated census data to a record keeper.
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Yes you must be a member of a participating chamber to join this plan.

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Yes you can keep your current advisor as the participant advisor for your company if you choose to do so. Your advisor must also be a member of a Connecticut Chamber of Commerce.

FAQ: Mid Sized Aggregation Plan

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This plan was designed for previously established plans who are looking for a more transparent/cost efficient model, who are interested in reducing administrative responsibilities/fiduciary risk.

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There are multiple partners involved in managing this MEP. Belpointe acts as the 3(38) investment manager and plan advisor. We use an independent record keeper and custodian, an independent TPA/3(16) service provider, as well as a participant adviser who can differ from employer to employer.

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The mid sized aggregation plan was designed to provide a custom, flexible plan design. It capitalizes on the benefits of fiduciary outsourcing, without an MEP structure. This plan is designed as a single employer plan with individual IRS 5500 filing per employer.

FAQ: Multiple Employer Plan (MEP)

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This plan was designed for companies with existing plans, who are approaching the eligible participant limit, to require an annual financial audit (this audit is a limited scope financial audit, NOT a full IRS audit).

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The Connecticut Chamber’s Multiple Employer Plan is a multiple employer plan designed exclusively for Connecticut Chamber of Commerce members across the state.

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A multiple employer plan is a 401k plan that allows unrelated employers to aggregate plan assets to participate in economies of scale and to obtain the benefits of acting like a larger plan.

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  • One of the key differences is our fee structure. The plan advisory fees charged to each plan decrease as the total assets of the MEP increase. Each employers fee is based on the aggregate plan assets not on their individual company plan assets. This allows us to lower fees for every plan as more members join or assets increase due to market growth and additional contributions.
  • Another cornerstone of our MEP is collaboration with other advisors. Although Belpointe will be acting as the plan advisor, we have separated the plan advisor fees from the participant advisor fees for the sole purpose of letting adopting employers maintain the existing service and relationship with their current advisor.

A major benefit to an MEP is that it reduces the fiduciary liability for the individual company plan sponsor. It does this by outsourcing administrative responsibilities, employee eligibility tracking, distribution processing, plan compliance, nondiscrimination testing, annual reporting and participant enrollment to a TPA (third party administrator) who specializes in these tasks. The TPA 316 also prepares and signs the form 5500. Along with reducing risk, this reduces the workload for a company’s HR professional saving them time to focus on other priorities.

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There are multiple partners involved in managing this MEP. Belpointe acts as the 3(38) investment manager and plan advisor. We use an independent record keeper and custodian, an independent TPA/3(16) service provider, as well as a participant adviser who can differ from employer to employer.

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The MEP reduces fiduciary liability for the individual company plan sponsor by outsourcing administrative responsibilities, employee eligibility tracking, distribution processing, plan compliance, nondiscrimination testing, annual reporting and participant enrollment to a TPA (third party administrator) who specializes in these tasks. The TPA also prepares and signs the form 5500 as the plan sponsor. Along with reducing risk, this reduces the workload for a company’s HR professional saving them time to focus on other priorities.

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Typically the MEP structure allows employers to reduce administrative fees, advisory fees and in some cases investment fees. Each employer has a unique situation, so Belpointe will do a comparison of our plan’s fee structure with your current 401k fee structure to see if our MEP is a good fit for your company.

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There are only 3 fiduciary responsibilities for the individual business owners who join the Chamber MEP

  • monitor service providers
  • submit payroll in a timely fashion
  • provide updated census data to the record keeper
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Our fee structure is flexible. The fees from service providers are a combination of flat fees, per head fees, and assets under management (AUM) fees. These fees can be paid from the assets of the plan, as a corporate billable or a combination of the two.

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Yes, There are three levels of 3(16) administrative services available:

  • Supplemental, non-fiduciary (“ministerial”) support services such as document mailing and “hands free” processing of loans and distributions.
  • Limited scope acceptance of some of the functions of the plan administrator but not all.
  • Broad scope acceptance of the administrator role, to include being named as the plan administrator in the plan document and other governing documents and contracts.
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The recordkeeper’s responsibilities include allocating the assets of your plan to participant accounts, executing participant trades, maintaining contribution records, providing internet access to accounts, and providing statements at least on a quarterly basis.

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The 3(38) advisor has discretion to make investment decisions and model allocations. This allows the plan sponsor to reduce liability, as they offload fiduciary risk for investments decision making to the advisor; however, employers retain a fiduciary duty to choose a good 3(38) and monitor performance of the advisor.

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Yes, you must be a member of an adopting chamber of commerce to participate in the MEP

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Yes you can keep your current advisor as the participant advisor for your company if you choose to do so. Your advisor must also be a member of a Connecticut Chamber of Commerce.

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If a member’s chamber fees lapse, the member will be contacted to see if they wish to maintain membership. If the employer no longer wishes to be a chamber member, their plan will be removed from the MEP with proper notice and Belpointe will advise on the stand alone 401k plan. However all plan fees and the fee structure are likely to change.

Call today for a consultation. 1-866-401k-MEP Schedule an Appointment

Belpointe Wealth Management | 125 Greenwich Ave. | Greenwich CT 06830