After a comprehensive search and due diligence, evolvHR has
partnered with well-known retirement industry heavyweights, Transamerica and
TAG Resources, LLC, the largest provider of combined 3(16), 3(38), and TPA
services in the United States to power the evolvHR
Retirement Solution, an improved 401(k) with advanced
technology for today’s retirement needs - helping you make the most of
your own 401(k).
What is the evolvHR Retirement Solution?
evolvHR Retirement Solution, powered by TAG, is based on
sound structural elements that have been reviewed and successfully
tested based on the fiduciary responsibilities specified in the law and
regulations from the Internal Revenue Service (IRS), the Department of
Labor (DOL), Employee Retirement Income Security Act (ERISA), and other
government agencies.
The bottom line is that, for every plan, evolvHR and TAG
act as the company’s 401(k) support team, so the company
doesn’t have to act as a retirement expert. TAG acts as a buffer
between the Plan Sponsor and the DOL and IRS, and works to keep each
plan in compliance with all applicable laws. TAG’s experts make
the decisions and take responsibility for those decisions with respect
to the services they provide, taking away one more thing that might keep
Plan Sponsors awake at night. evolvHR Retirement Solution
does all of this at a price comparable to plans that offer fewer
services.
The evolvHR Retirement
Solution is built around the 5 issues employers wanted
solved
Easier to Administer 401(k) Plan
With the evolvHR Retirement Solution, employers outsource
the functions and liability of the retirement plan administration. TAG
becomes each employer’s Retirement Plan Support Team in action and
accountability. TAG eliminates a majority of your plan administration
burden, allowing you to focus on your business.
Compliant 401(k) Plans
Employers are faced with a voluminous number of regulations,
documentation, record keeping, and tasks that come from both DOL and IRS
requirements. These would include, but are not limited to signing and
being accountable for the accuracy of the Form 5500, verifying the
results of the non-discrimination testing, tracking contribution and
eligibility to ensure compliance with ERISA guidelines, processing new
enrollees, coordinating your annual audit (if applicable), processing
loan and hardship requests, and processing distributions. TAG, as the
ERISA 3(16) Plan Administrator on each retirement plan, takes on the
oversight and execution of the tasks required to keep each plan
compliant.
Substantial and Well Known Providers
Since 2004, TAG has been offering aggregated retirement services. TAG
works with Transamerica as recordkeeper, with $245 billion in assets
under management, and with Mesirow Financial as the Investment Manager,
with over $30 billion in assets under management, as of June 30, 2018,
includes assets in 3(21) and 3(38) plans.
Protection from Fiduciary Liability
TAG takes on the highest level of fiduciary liability by serving as an
ERISA 402(a) Named Fiduciary on each plan in the TAG Retirement Program.
This makes TAG responsible and accountable for operational and
investment oversight. In addition, TAG serves as the ERISA 3(21)
Non-investment Fiduciary and has selected Envestnet as the 3(38)
Investment Manager. TAG, as a Named Fiduciary, signs off on all
actions and decisions made for each retirement plan in the
Retirement Program.
Pay Reasonable Cost
Leveraging the aggregation model, The Prototype Plan™, results in
minimal billables to employers with retirement plans in the Lindsey
Business Group Retirement Solution powered by TAG. This allows monies
that would normally be spent on fees, to instead be used for
enhancements to the retirement plan offering.
Fee reductions occur as the individual plan’s asset balance
migrates through pricing tiers, and as the entire TAG Retirement
Program’s asset balance meets specific benchmarks set with
Transamerica.
The evolvHR Retirement Solution powered by TAG is
competitively priced, and often costs less than other programs offering
fewer comprehensive services. Pricing for the evolvHR
Retirement Solution powered by TAG include, but are not limited to:
record keeping fees, document fees, plan design services, profit sharing
design and on-going calculations, compliance and disclosure
notifications, annual testing, loan administration, hardship
determination and administration, tracking employee eligibility, and
filing/signing Form 5500.
For larger plans that require an annual audit, TAG has negotiated a
significant price reduction for the audit conducted by an independent
audit firm. TAG prepares the data, contributing to the efficiency and
cost reduction of the audit process. Audits are conducted on the
premises of TAG Resources, thereby, not interrupting employers’
daily business.
