Not sure what is the best retirement plan solution for your organization? Spectrum's Plan Analysis App can make a recommendation.
Spectrum requires its plan services consultants to earn professional qualifications as conditions of continuing employment, so our Clients work with skilled professionals.
We engage external auditors to audit our processes annually to ensure they provide appropriate internal controls.
Spectrum administers plans on an industry leading technology platform, which provides Plan Sponsors and Plan Participants with advanced analytics, tools, and resources.
Spectrum Pension Consultants delivers products, services, and solutions which support 401k and other employer-sponsored retirement plans. Our capabilities focus on retirement plan administration, consulting, documentation, and recordkeeping. Headquartered 30 miles south of Seattle in Tacoma, Washington, Spectrum Pension Consultants has worked for thousands of employer organizations since its founding in 1978. Today, our diverse client roster covers every industry vertical, and spans nearly every state in the country.
Spectrum’s service syndicate through Alliance Benefit Group, provides nationally recognized enrolled actuaries to manage the actuarial valuations of cash balance and traditional defined benefit pension plans.
Plan administration and ERISA compliance are challenges for many HR professionals. We can handle all plan compliance matters for employers. Our staff are ERISA plan experts and required to earn professional qualifications to demonstrate their competencies.
Spectrum sponsors DC and DB volume submitter plan documents, which provide thousands of plan design options. We can also support individually designed plans, for clients who have very specific needs.
What good is a workplace retirement plan if it is poorly designed? Poor design can expose plans to costly compliance problems. Our plan consultants are professionally qualified experts, who deliver outcomes through plan design. Each Spectrum Consultant develops years of experience in plan administration before consulting with employers.
We can provide daily valuation recordkeeping services to 401k, 403(b), 457, and other defined contribution plans. Our services are built upon an industry leading platform, which provides advanced analytics and can integrate with employer payroll systems.
Our retirement plan expertise includes most types of employer-sponsored workplace retirement plans:
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Employer costs in workplace retirement plans are the sum of employer contributions + service provider fees.
Many plans include employer matching contributions or profit-sharing contributions. These contributions are often based on a percentage of employee pay. This makes it easy for employers to budget annually. For employers with unpredicable profits, fixed annual contributions may be too costly and not provide with enough flexibility. Good retirement plan consultants can design plans with employer contribution flexibility in mind. This means employers can have discretion over how much they choose to contribute annually. However, even the most flexible plans may require employer contributions in certain years because of plan compliance rules.
Fees paid to providers can vary significantly. As noted in our Retirement Plan Provider Guide, employers can in-source most retirement plan service functions. Spectrum will never quote another provider's fees. However, when services are out-sourced, our experience suggests most providers charge based on one or more of the following: % of plan assets, $ per plan participant, $ per plan transaction (ex. distributions), $ per time interval (ex. hourly fees), fixed fees based on plan design complexity or plan operational complexity, and/or incurred expenses.
Spectrum offers employers a complimentary initial retirement plan review. As retirement plan specialists, we discuss the employer’s objectives, learn about your organization’s internal capabilities, and analyze any of your existing workplace retirement plans. We recommend which functions an employer should in-source, and which services should be outsourced to providers. We are happy to provide ongoing service proposals if an employer considers Spectrum for one or more service functions.
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