GRP Retirement Plan Solutions
GRP has partnered with Empower and Voya to provide exclusive small plans solutions available to only GRP Advisor Alliance members.
By leveraging the size and strength of GRP we are able to work with our provider partners to offer quality fee based retirement plan solutions for small businesses.
GRP Retirement Plan Solutions offers
- partnerships representing the professionals in their field;
- time tested recordkeeping platforms;
- complete plan design flexibility;
- access to experts to support compliance and management;
- a team that can help reduce administrative burden;
- outsourced fiduciary liability to help mitigate risk;
- cost savings through economics of scale and customized pricing over $4M;
- a robust investment menu that is selected from all funds, including institutional funds and collective investment trusts;
- participant educational tools and resources to help employees attain the retirement readiness they deserve;
- access to discounted Financial Wellness Programs; and
- transition services though Worksite Financial Solutions.
GRP Advisor Alliance is an independent network of retirement plan focused advisors. Global Retirement Partners and GRP Advisor Alliance are not affiliated with or endorsed by LPL Financial. GRP Advisor Alliance, Insight Financial Partners and LPL Financial are not affiliated with Empower, Voya or TRA. Worksite Financial Solutions is a program exclusive to LPL Financial and its advisor partners.
What are the potential cost savings?
GRP members have access to exclusive discounted pricing providing a competitive advantage in the marketplace. Employers will realize lower costs through aggregated purchasing power.
The fiduciary support combines all of the components of a sound process – an investment policy statement, investment selection and monitoring, ongoing reporting, payroll integration and more. A participating employer and fiduciary can, to greatest degree allowed by law, outsource the fiduciary responsibility and have confidence that fiduciary obligations are being addressed.
The fiduciary responsibility to select and monitor the plan’s investments is managed by GRP who serves as the ERISA 3(38) investment manager. Additional responsibilities are assigned to outsourced parties who will serve as the Named Fiduciary, to complete fiduciary administrative duties that would otherwise be the employer responsibility as the ERISA 3(16) Plan Administrator.
What administrative support will businesses receive?
- Form 5500 filing
- Nondiscrimination testing
- Investment of plan contributions
- Tracking contribution limits
- Tracking catch-up contributions
- Approvals and denials of hardship requests
- Distribution processing
- Monitoring of pending legislative actions
- Merger and acquisition support
- Other 3(16) duties