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401(k) plans

401(k) Plan Advisors

Glover Park Wealth is your plan sponsors fiduciary partner with aspects of 401(k) plan administration.


Our dedicated team will design, benchmark and monitor your company's 401(k) plan. Our goal is to enhance retirement benefits to employees in a simple and cost-effective manner.

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  • Expertise in 3(21) Co-Fiduciary, 3(38) Investment Manager, & 3(16) Administrative Fiduciary roles.

  • We collaborate with industry partners to craft a 401(k) plan tailored to your company's and employees' ambitions.

  • Glover Park Wealth guides you in choosing the right retirement plan recordkeeper, custodian, and fiduciaries.

  • We advise hiring specialized fiduciaries (3(21), 3(38), & 3(16)) to manage your 401(k) plan's duties effectively.

  • Advise on the ideal 401(k) plan for employees and sponsors.

  • Facilitate 401(k) plan adoption document agreements.

  • Notify employees about participation details.

  • Conduct annual testing for compliance or Safe Harbor design.

  • Manage loans and distributions as per agreement and ERISA.

  • Benchmark plan costs to maintain competitive fees.

  • Glover Park Wealth Management is a leading advisor in 401(k) retirement planning, guiding businesses with expertise and precision.

  • We maintain strong ties with top retirement plan providers, administrators, custodians, and recordkeepers, enriching our client solutions.

  • Our expertise positions your company with top-tier retirement recordkeepers and advises on fiduciary roles 3(21), 3(38), & 3(16), enhancing plan governance.

401(k) plan fiduciary partners.

3(21) Fiduciary

Co-Fiduciary Advisor

As your retirement plan's co-fiduciary, we undertake the role of managing investments with the utmost diligence, while also providing comprehensive financial advice and educational resources to both your plan participants and executive management team. Our goal is to empower plan participants to make informed decisions to provide financial wellness within your organization and the 401(k) plan.

3(38) Fiduciary

Dedicated Investment Manager

Serving as the plan's 3(38) Fiduciary, Glover Park Wealth and our industry partners will act as the Investment Manager. The Investment Manager assumes full responsibility for making astute investment decisions on behalf of the plan sponsor. This role is pivotal in navigating the complexities of retirement plan investment, ensuring your plan's assets are positioned for long-term growth and risk management.

3(16) Fiduciary

Administrative Fiduciary

The 3(16) Fiduciary role is crucial for the 401(k) plan, encompassing all facets of plan administration. This includes the management and sending out plan notices to all participants, the preparation and filing of Form 5500, and the handling of loan documents and requests.

Learn about the types of 401(k).

Got a question? Get in touch.

  • Safe Harbor 401(k)

    Safe Harbor 401(k) Required Employee Matching

    Eliminates Annual 401(k) Plan Plan Testing Requirement(s) 


    The safe harbor 401(k) plan is like a traditional 401(k) plan; however, the main difference is that the employer is required to make fully vested contributions to the plan participants.


    Employer matching

    The company matches 100% on the first 3% of deferred compensation, plus a 50% match on the next 2% of deferred compensation


    Enhanced Match

    The company matches 100% of the employee on the first 4% of deferred compensation.


    Employer contributions

    • 3% or more of the employee’s compensation made on behalf of all eligible employees, regardless of whether they make elective deferrals.

    • The safe harbor 401(k) plan is not subject to the complex annual nondiscrimination tests that a traditional 401(k) are subject to since all employees are receiving a safe harbor employer contribution benefit.

    • Both the traditional and safe harbor 401(k) plans can be utilized by companies of any size and combined with other retirement plans.
  • Vendor Selection

    Vendor Benchmarking & Selection


    When working with Glover Park Wealth, we help you select the vendor(s) and/or service provider(s) that will work with your company on retirement plan design, payroll, HR, Human Capital Management (HCM) and group health insurance benefits for your company and employees.


    • Payroll
    • 401(k) Recordkeeping
    • Human Resources
    • Health Insurance
    • Commerical & Business Insurance 

    As your corporate group benefits partner, we will ensure multiple quotes from our vendors to ensure your plan is competitive and that the service providers we select provide ongoing support that meets the needs of your organization.


    Glover Park Wealth provides ongoing due diligence to ensure our vendor partners have the most competitive industry pricing along with customer support for ongoing maintenance of their corporate group benefits plan.

  • Employee Education

    Yearly Education to Retirement Plan Employees & Sponsors

    Glover Park Wealth believes that retirement plan employee education is one of the most important factors of managing and administering a retirement plan, this is one of the major areas of focus that separates Glover Park Wealth from the competition. 


    We believe in best practices for employee education in accordance with ERISA §404(c). We have partnered with the top retirement plan education providers in the retirement plan industry to give your company and plan participants annual education and we also provide one-on-one meetings with employees.


    Below are the best practices that our firm follows regarding employee education:


    General Education

    Common questions that we receive during our retirement plan education meetings, we help education employees on best practices.


    • Should I make contributions in a down market?
    • Taking Loans out against your retirement plan assets
    • How much should I contribute?
    • How much money do I need in retirement?
    • What is a money market, should I invest in it?
    • Financial Wellness

    • Our education will provide current data on the financial wellness of average retirement plan participants.
    • Start contributing, investing, and saving at a young age
    • Compounding growth with investment returns
    • Retirement plan calculators, how much do I need for retirement?
    • Investment options and diversification
    • Differences between Tradition and Roth 401(k) Plans.
    • Behavioral finance
    • Company Match Education

    We will discuss exactly how your retirement plan sponsor has setup the plan. We cover the following topics:


    The company match percentage and plan eligibility requirements


    Vesting schedules for participants


    What contribution amount do employees need to make to receive the full retirement plan company match.


    Individual Meetings 


    We will meet confidentially with plan participants to discuss their current retirement plan contributions and be able to give investment advice on their outside investments.


    When you hire our firm, we understand that the financial wellness and education of our plan participants is very important and want to make sure all participants in a Glover Park Wealth Management managed retirement plan are doing their best to save and invest for their future.

  • Payroll and 401(k) Integration

    Payroll, HR & 401(k): Integration Consulting 


    Glover Park Wealth consults with your company HR, accounting, and finance departments on putting together a 360 degree fully integrated payroll and 401(k) plan to make the administration and management of the plan as easy as possible for our retirement plan corporate clients.


    Record Keeping Integration

    • Example of 360-degree 401(k) integration
    • Retirement plan participants can adjust their 401(k)-retirement plan contribution paycheck deferral percentages.
    • Participants can elect to take a loan out against their 401(k) assets and have it paid back over time through payroll deductions.
    • Hardship Withdrawals
    • Roth 401(k) elections or deferrals

    Plan Administrator 

    The participants change in contribution deferral percentage will be send to the plan administrator.


    Payroll System

    The new contribution or deferral percentages are automatically updated in the payroll providers database and the next paycheck for the participant will reflect the updated deferral percentage the participant elected to change in the recordkeeping system.


    360 Degree Payroll Integration 

    The participants new contribution or deferral rate is now automatically synced between the 401(k)-retirement plan recordkeeper and payroll system.


    This requires no manual data input from the company HR department as the plan is 360 degrees fully integrated.

  • Compliance with ERISA Regulations

    Selecting and Monitoring Retirement Plan Investments 

    ERISA §404(a)


    outlines the responsibilities of the plan fiduciary duties regarding selecting, monitoring and updating the employer sponsored retirement plan mutual fund investment options.


    Maintain and update the Investment Policy Statement (IPS) – Outlines how the investments selected and monitored


    Monitor the mutual fund investments in the plan and make updates when necessary


    Put together a mutual fund lineup which is diversified and covers all areas of markets, providing participants with a broad range of investments.


    Periodic review of investment recommendations and policies, which are part of each quarterly fiduciary investment review, provided by your plan’s consultant


    Keep records of the Investment Committee meetings and annual plan review meetings with the company and participants.


    Monitoring the expenses of the plan, making sure fees are reasonable.


    Glover Park Wealth Management adheres to the ERISA §404(a) rules with your retirement plan.  When working with our firm, we work with the plan administrator to offer the lowest cost mutual funds with exceptional long term investment returns in your selected recordkeeping platform.


    Diversified Mutual Fund Lineup in your Retirement Plan 

    ERISA §404(c)


    ERISA §404(c) alleviates the plan sponsors and the retirement plan fiduciaries from liability for losses that result from the participant fund selections.


    This protection applies only self-directed investments by participants, however it does not protect investments in the plan that are directed by the plan sponsor, such as employer stock.


    To take advantage of ERISA §404(c), the plan must satisfy three categories of requirements:


    Broad diversified menu of low-cost mutual funds in the retirement plan lineup

    Ensuring the retirement plan design and administrative duties are optimized.

    Disclosing all documents to participants

    Below are the compliance areas in which we provide advice to retirement plan sponsors to protect plan fiduciaries from participant self-directed losses as outline in ERISA §404(c)


    Broad diversified menu of low-cost mutual funds in the retirement plan lineup with multiple risk categories offered.


    Providing participants, a list of mutual funds in the retirement plan and their expense ratios.


    Employee sponsored retirement plans are non-discretionary, meaning the participant has ultimate control over their investment selections and ability to move money in and out of the plan in accordance with the plan adoption agreement.


    Providing participants with retirement plan investment education about the plan, investments, and their options.


    Participants have ultimate control over their investments and must make those elections at the retirement plan custodian of the plan.


    Making sure the retirement plans default fund follows the qualified default account (QDIA) rule


    Distributing the §404(c) Notice and Policy Statement on an ongoing basis so participant disclosure requirements are met.


    When selecting Glover Park Wealth Management as your 3(21) Co- Fiduciary and retirement plan consultant, we make sure that your plan adheres to the ERISA §404(c) rules and regulations. 

  • 401(k) Plans: Traditional & Roth Options

    What is a 401(k) Retirement Plan?

    A 401(k) is a defined contribution plan which is offered by employers as an employee benefit. The employee and employer can make contributions into the retirement plan based on the contribution limits set by the Internal Revenue Service (IRS) each year.


    The Employee Retirement Income Security Act of 1974 ("ERISA”) outlines all the rules and regulations when it comes to a employee sponsored retirement plan: Employee Retirement Income Security Act (ERISA) | U.S. Department of Labor (dol.gov)


    Glover Park Wealth will work with your company and our partners to setup a 401(k) plan that is aligned with the long-term goals and values of your firm.


    We have several 401(k) custodian partners that we work with to make sure we design a 401(k) that is cost effective for the company and advantageous to employees to retract talent and promote retirement savings.


    Employers can give employees the option of a Traditional 401(k) or Roth 401(k) along with the ability to take loans out against the 401(k) assets.


    Traditional 401(k)

    Employee contributions into a traditional 401(k) are pre-tax and deducted from gross income on the W-2.

    The employee's taxable income is reduced by the total amount of pre-tax 401(K) contributions for the year and recorded as a tax-deduction on the employee’s tax return.

    The pre-tax assets grow tax-deferred inside the traditional 401(k) and are taxed as ordinary income when distributions start. 


    To learn more about the tax considerations 401(K) distributions, see our tax planning section.


    Employee contributions into a Roth 401(k) are on an after-tax basis and not deducted from taxable income.


    The after-tax assets grow potentially tax-free inside the Roth 401(k), you must take a qualified withdrawal or distribution.


    The contribution limits for the Roth are the same for the traditional 401(k).


    To learn more about the tax considerations 401(K) distributions, see our tax planning section.


    Eligibility to Contribute:

    Employee eligibility requirements such as age and length of employment are determined by the 401(k)-plan administrator and company when the plan adoption documents are established.


    Note: The 401(k)-plan adoption document or agreement can be edited to make updated to the employee eligibility requirements.


    Maximum Annual Contribution:

    Employer: Profit sharing and match: Up to the lesser of 25% of compensation or $61,000 including employee contributions for 2022

    Employee (Salary Deferral): Up to the lesser of 100% of compensation or for a maximum of $20,500 ($27,000 if age 50 or older) for 2022.

    The total combination of employer and employee (salary deferral) contributions may not exceed $61,000 ($67,500 if age 50 or older) for 2022.


    Tax-Deductible Contributions for Employer & Employee:

    Employer contributions are deductible from federal income tax.

    Employees can make pre-tax contributions using the traditional 401(k).


    401(k) Fund Lineup - Investments:

    Glover Park Wealth Management acts as a 3(21) Co-Fiduciary on the 401(k) and provides a low-cost mutual fund lineup which is continuously monitored.


    Withdrawal Rules & Taxes:

    Pre-tax 401(k) contributions and earnings are subject to income tax and penalties if withdrawn before 59 ½ years old. Roth contributions are withdrawn tax-free.

    Roth earnings are tax-free if the withdrawal is considered a qualified distribution. Learn more about “Roth IRA Distributions” 


    Withdrawal Penalties:

    There is a 10% IRS penalty in a traditional 401(k) if assets are withdrawn before age 59½ unless exception applies.  Retirement Topics Tax on Early Distributions | Internal Revenue Service (irs.gov)


    401(k) Distribution Penalty exceptions:

    • Separation of service in the year attaining age 55 or older.
    • Death
    • Disability
    • Substantially equal periodic payments made over life expectancy
    • Qualified military reservist
    • Qualified domestic relations order due to divorce
    • Up to $5,000 for qualified adoption/birth expenses

    Required Withdrawals (RMD):

    Beginning in tax year 2020, the Required Minimum Distributions (RMDs) to start taking qualified distributions or withdrawals changed from age 70½ to age 73 due to the Secure 2.0 Act.

    (However, this does not affect participants who turned 70½ on or before 12/31/2019.)


    If you are still employed by the employer sponsored retirement plan: 401(k), 403(b), Simple IRA or small-business account then your RMDs may be delayed until the year of retirement.


    Keep in mind, some expectations do apply, and we recommend that you meet with your CPA or Tax Advisor.


    ERISA Retirement Plan Startup Deadline:

    For years after 2020, 401(k) plans may be set up by the tax filing deadlines plus extensions.

    Employee salary deferral contribution(s) must be deducted from participants’ paychecks.

    Employer contributions or profit sharing may be made by the tax filing date plus allowable extensions.

  • Mutual Fund Selection & Monitoring

    Navigating the World of Mutual Funds


    In the vast landscape of investment options, mutual funds stand out as a popular choice for diversifying portfolios and achieving long-term financial goals. At Glover Park Wealth Management, we employ a rigorous selection and ongoing monitoring process to identify mutual funds that align with our clients' unique investment objectives and risk tolerances.


    Strategic Selection Process: Our approach to mutual fund selection begins with an in-depth analysis of fund performance, management tenure, fee structures, and investment strategies. By evaluating these critical factors, we aim to identify funds that are well-positioned for consistent performance and aligned with our investment philosophy.


    Continuous Monitoring: Investment landscapes are ever-evolving, and so is our commitment to ensuring your mutual fund selections remain optimal. We continuously monitor fund performance against benchmarks and peer groups, reassessing allocations to adapt to changing market conditions and to capitalize on emerging opportunities.


    Transparent Communication: Our clients are partners in the investment process. We provide regular, detailed updates on mutual fund performance, explaining the rationale behind any recommended adjustments and ensuring you are informed and confident in the direction of your investment strategy.

  • Investment Guidance

    At the heart of Glover Park Wealth Management's services is our commitment to providing personalized investment guidance. Whether you're a seasoned investor or just beginning, our expertise is at your disposal to navigate the complexities of building and managing a robust investment portfolio.


    Tailored Strategies: Recognizing that each investor's goals and risk tolerance are unique, we tailor our investment guidance to match your specific financial situation and aspirations. Our strategies are designed not just for wealth accumulation but for sustainable growth and risk management.


    Holistic Approach: We view investment guidance as an integral part of your overall financial plan. By considering your financial goals in the context of your broader financial picture, including tax implications, retirement planning, and estate considerations, we ensure a harmonized approach to wealth management.


    Education and Empowerment: Our role extends beyond making recommendations; we strive to educate and empower our clients. Through clear explanations and ongoing dialogue, we demystify the investment process, enabling you to make informed decisions with confidence.

  • Investment Policy Statement (IPS)

    An Investment Policy Statement (IPS) is a crucial document that serves as a roadmap for your investment strategy. At Glover Park Wealth Management, we believe that a well-crafted IPS is foundational to achieving your investment objectives, providing clarity and guidance through the ups and downs of market cycles.


    Customized Investment Framework: Your IPS is tailored to your unique financial situation, outlining your investment goals, risk tolerance, time horizon, and liquidity needs. It serves as a guiding document for making informed investment decisions and setting clear expectations.


    Strategic Asset Allocation: The IPS specifies your preferred asset allocation strategy, defining how investments should be distributed across asset classes to balance risk and return in line with your objectives.


    Review and Rebalancing Guidelines: Investment environments change, and your IPS includes criteria for reviewing and rebalancing your portfolio. This ensures that your investment strategy remains aligned with your goals, adapting to both your evolving financial needs and market conditions.

Personalized Financial Planning
Expertise and Innovation
Comprehensive Wealth Protection

Comprehensive benefits beyond investing.

Our firm mission is to build, grow, and protect your assets of our clients. Glover Park Wealth will partner with the 401(k) plan sponsor to provide a 401(k) plan that meets the goals for the plan participants and the plan sponsor.

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