Technology is changing at the speed of light.  Services for both the sponsor and the participant have improved dramatically in recent years.  A thorough review of your current administration system will identify key areas where your plan can be improved or current services be better utilized for your benefit.  Experience has shown that many sponsors have access to many services they are just not aware of.  An Administrative Services Review will tell you if you can be more efficient in the use of your in-house staff.

A reimbursement policy that covers ongoing operating expenses of a business 

A formal arrangement to transfer ownership of a business interest to another party in the event of the death of untimely disability of the business owner

provide administration of employer's responsibilities under Federal COBRA laws.

McConkey Benefits & Financial Services, LLC will review your current pension files and make recommendations as to how you can better prepare yourself in the event of a plan audit.  Experience has shown that many plan sponsors are not in compliance with Federal, State, and Securities regulations.  A simple plan audit will assure that you have the necessary documentation to comply with all statutes.

provides a benefit which is limited to losses caused by accidents while traveling. (Sports Accident) (Student Accident)

is often a part of a health benefits package.  Indemnity (choice of any dentist) and PPO (provider network) plans are common.

provides medical coverage due to sickness or an accident.  Managed care products (PPO-Preferred Provider Organization, POS-Point-of-Service, and HMOs-Health Maintenance Organizations) are an integral part of group health insurance today.

is evolving as a benefit due to the aging population.  It is designed to cover many of the expenses associated with nursing homes and home health care.  Benefits are triggered by limitations to the activities of daily living.

provides income replacement for an extended period of time, such as to a designated age of 65, when an employee can no longer work to earn a regular income due to an illness or an accident.

provides income replacement for a limited period of time, usually less than six months, when an employee can no longer work to earn a regular income due to an illness or an accident.

is a popular and inexpensive fringe benefit.  It provides a death benefit to the designated beneficiary of the employee.

is an inexpensive benefit that is often included as part of a health benefits package.  This benefit often includes coverage for eye exams, eyeglasses or contact lenses and usually limitations apply.

allow employees to purchase many of the products mentioned as "Group Products" on a payroll deduction basis.

Protects your family by providing money to replace your salary due to sickness or injury

provides medical benefits to employees traveling outside the United States.

The communication of plan provisions, financial planning goals, and investment management techniques, is the most important service needed by participants.  There are many methods available to meet the individual needs of the participant.  No one method is perfect.  A successful plan includes a combination of electronic, print, and face-to-face options.

A review of your current communication plan will identify both its strengths and weaknesses.  More than any other component, the success of the retirement plan is based on the individual's ability to understand and use the services of the plan.  Experience shows that participants will either not participate or participate at a lower amount because they simply are intimidated or confused.

Our review will offer suggestions to the plan sponsor as to how they can improve or better utilize the communication services that exist.

Recent events illustrate that the greatest exposure to fiduciary liability for a plan sponsor is through the improper management of retirement assets.  The proper management of plan assets involves the proper allocation of investment options between asset classes as well as peer reviews.  Peer reviews should be conducted at least annually and should look at various factors that will impact the long-term performance of a participant's assets.

The initial review will look at the procedures in place to manage the portfolio of investment options.  The current options will be reviewed for diversification as well as performance.  Finally, an Investment Policy Statement will be reviewed, or if not in place, developed for distribution to all participants.

Tax legislation since 1980 has shifted the focus of most plan sponsors from the traditional Defined Benefit approach to a Defined Contribution plan design.  The 401k plan design has emerged as the most popular defined contribution retirement plan in America today.

401k plans offer a tax deferred, payroll deduction, savings plan for your employees.  The convenience of payroll deduction makes these plans extremely popular with employees.  Recent tax law changes have made it easier for participants to transport their retirement assets throughout their careers.

Plan sponsor responsibilities primarily include the collection and deposit of contributions.  Regulations require that sponsors provide extensive annual payroll data to a firm that will perform discrimination testing and 5500 reporting services.

401k plans allow the sponsoring firm maximum flexibility in setting their contributions to the plan.  Most sponsors elect to match a portion of the participant contributions.  Plan sponsors now can elect to make contributions under SIMPLE provisions that eliminate many regulatory requirements.

Firms with less than 100 employees can elect to use a SIMPLE IRA plan.  This plan includes the deferral and matching provisions of the 401k plan without any compliance requirements.  The savings in administration fees can be used to offset the matching costs.  Profit Sharing plans can be connected to 401k plans in addition to or exclusive of matching contributions.

Non-qualified plans have gained in popularity with employers seeking to retain and reward specific key employees.  Commonly known as Deferred Compensation plans, these plans can be tailored to the individual sponsor's needs.  Options are limited only by the creativity of the sponsor and the consultant they select.

McConkey Benefits & Financial Services, LLC has the expertise to advise and implement the plan that suits your needs.  Call or email us to schedule an initial evaluation of your current or desired retirement plan.

Whole life insurance requiring one initial lump sum payment 

Human Resources Consulting; Actuarial Services 

allows employees to purchase additional term life coverage. 

Insurance that provides protection for only a specified period of time 

Life insurance which combines the low cost protection of term insurance, with a savings component that is invested in a tax-deferred account, the cash value of which may be available for a loan to the policyholder 

A deferred investment that has the same tax benefits as fixed annuities, but their rate of return varies according to the returns of investment sub-accounts.  You select the sub-accounts you want to invest in and decide how much risk you want to take 

Life insurance for which the amounts of the payments is determined by the performance of the underlying investments chosen by the policyholder 

provides health and wellness education and screening services to employees. (Byrnes Health Education) 

Life insurance, which provides coverage for an individual's whole life, rather than a specified term.  A savings component, called cash value or loan value, builds up over time and can be used for wealth accumulation