If you are familiar with 401k plans, you have undoubtedly heard a lot about “open architecture” plans lately. While it has become popular for other plan providers to associate themselves with “open architecture,” we have been designing and managing open architecture, fully transparent 401k plans for years.
So what does open architecture mean and why is it a benefit to your company? Simply put, it is the freedom of choice. As plan sponsor, you know the needs of your participants better than anyone. Consequently, our open architecture plans allow you to choose your investments, managers, models and even fees. By the way, if you’d rather have us simply build it to your specifications, then we will spend as much time as necessary crafting your unique plan – free of charge.
With us as your partner, you can rest comfortably knowing that all elements of your 401k plan will be selected with best in class criteria and monitored closely to maximize the full potential of your company 401k plan.
Participant reporting layout varies by custodian and third party administrator. However, in all cases, plan participants in BlueSkye 401k plans enjoy full featured paper and online statements:
- Quarterly participant statements
- 24x7 Online Access
- Personal rate of return calculations
- Web based investment selection notifications
- Educational enrollment meetings
- Market commentary emails
- Financial calculators
- No charge personal consultations
We ensure that your plan participants will be informed at all times so that they, with help of all parties involved, can determine if their retirement goals are on progress to being met.
With help of our carefully selected third party administration and record keeping firms, BlueSkye 401k plans take the worry out of plan reporting requirements. We will ensure that all Department of Labor compliance requirements are met and that all IRS filings are done in a timely manner. These filings and requirements include but are not limited to:
- Eligibility Determination
- ADP/ACP Testing
- IRC Section 415 Limit Review
- Excess Deferral Review
- Vesting Calculations
- Annual Vesting Statements
- Annual IRS Form 5500 Filing
- Annual top heavy plan testing
- Dept of Labor fee disclosure requirements
The benefit to you of our hands on approach to meeting all plan reporting requirements is that you can spend less time worrying about your filing requirements and more time running your business which is the most profitable use of your time. While no 401k is completely “hands off,” Blueskye will work hard to ensure that your 401k plan is as efficient from time to time an internal resources standpoint as is possible.