These are all valid concerns—but the fact is this:
401ks take a lot of up-keep.
As a result, they take a lot of manhours, which more often than not costs you, as an independent insurance adjuster or 1099 contractor, more money. With Adjuster Zone and TAG Resources at the helm of your retirement plan, you can stay on top of your business, knowing that the day-to-day responsibilities of your plan are being looked after.
Every 401k has to take governmental compliance seriously.
TAG administered plans are consistently compliant, so IRS and DOL audits are a breeze. No TAG administered program has ever failed a DOL audit.
Average Retirement Plan Audit Duration
Without TAG: 42 Days in your office
With TAG: 10 Days in our office
The responsibility of a 401k should never be undersold.
This is not a scare tactic, it's a fact! 67.2% of company's 401ks that are audited by the Department of Labor fail the audit. Since the DOL's concern for retirement plans, above all else, is that the plan is being run for the benefit of the independent insurance adjuster or 1099 contractor, any failings in plan administration can end up being an extremely costly problem.
Most 401ks place the Fiduciary Responsibility, and by extension, risk, solely on the Plan Sponsor — meaning YOU!
Many providers in the retirement plan market say they offer "Fiduciary Liability Protection" in their marketing material, but in a court of law they flatly refuse any liability. TAG, in the course of plan administration, is listed as the Named Fiduciary on your plan - meaning that with the TAG Program, you are protected to the highest degree in the industry.
TAG’s Plans are built on an “aggregated” model. This model combines multiple employer's 401ks together under a single "End to End" retirement program. Every employer, including independent insurance adjusters or 1099 contractors, in the plan benefits from this aggregation in the form of enhanced services and lowered costs. Independent insurance adjusters or 1099 contractors receive services that most providers don't offer - and because the services are being offered to many at once, TAG's plan costs are the same or lower than those providers.
Due to our industry-leading 3(16) fiduciary liability protection, your risk of loss of personal wealth resulting from fiduciary liability action is greatly reduced.
Because TAG fulfills 99% of plan administration duties, you don't need to have the cost of those in your independent insurance business, or as a 1099 contractor, to be focused on retirement plan administration. You and your staff can stay focused on moving your business forward.
Because we keep your plan consistently compliant, you will not be subject to fines and penalties resulting from IRS and DOL audits.
AdjusterZone started as a simple idea and has grown into an organization that we believe will change the industry forever. Our mission is to provide insurance adjusters with access to affordable healthcare and benefits, while also providing professional development, networking opportunities, and resources that set insurance adjusters on the path to success.
Ameriprise Financial - Coppola & Associates
TAG Resources ensures your plan reaps long-term rewards with easier day-to-day operations. As the largest end-to-end retirement plan provider in the US, TAG is recognized nationally for pioneering unique Retirement Programs. The Multiple Employer Program™ is our newest innovation, bundling retirement plans together in a service model previously only available for very large companies.
The bottom line is that for every plan, TAG acts as your Retirement Plan Department so you don't have to be an expert. We're the buffer between you and the Department of Labor/IRS to keep you compliant, we provide fiduciary liability protection, and our program is priced competitively with plans that do not provide these valuable services.
The results are easy to see: every plan gets A-List Oversight. There is no company more capable of crafting retirement plans that meet the needs of today's businesses than TAG.
Transamerica is an industry-leading Record Keeper with over $248 billion in assets as of December 2017, possessing more than 80 years of experience. Transamerica provides innovative retirement plan services and solutions.
Mesirow Financial is an independent, employee owned firm founded in 1937 with 600 employees working from 18 locations around the globe. We focus exclusively on clients. As a privately held company with $326 million in capital*, our clients receive independent, objective advice that’s tailored to their specific needs. As a pioneer in outsourced, third party fiduciary services, Mesirow Financial has been supporting plan sponsors since 2006. The firm has over 32.7 billion in assets under management* and $30.8 billion in assets under advisement*.
*as of 6/30/2018