Who are the parties involved in this 401k program?
A complete-solution 401k brings together several parties who are responsible for the seamless flow of daily operations. American 401k is a complete-solution program which makes things easy for you in that all of the responsibilities are included under one nice neat package.
Here is a quick reference summary of the parties who are responsible for ongoing support and administration of American 401k:
- MML Investors Services, LLC – Broker-Dealership, Member SIPC, all mutual funds and securities investments flow through them
- MassMutual – Parent company of MML Investors Services, LLC
- First Financial Group – Our regional office of MassMutual / MML Investors Services, LLC
- Mid-Atlantic Trust Company – Custodian, they receive and process electronic contributions
- PB&H Benefits, LLC – Third Party Administrator (TPA), they handle the plan design & documents, all statements, employer reports, compliance testing, online access, customer service center, and 5500
Is in-person enrollment included for our employees?
Do employees have access to a financial professional when they need support?
Yes. In addition to the customer service center, employees can call on us at any time for education and support to their financial programs.
Is this a variable annuity or an insurance company product?
No. It is a mutual fund platform.
Are there any hidden fees?
No. All fees are transparent and disclosed upfront. There are no asset management fees. There are no advisory fees. The investment expenses are purely the mutual fund expenses as detailed by prospectus. All mutual funds are 401k retirement share classes.
Is the employer limited on the funds they may select?
No. You may select any funds that are open for 401k investing.
Are all administration services offered in this program, including the 5500?
Yes, all administration, record keeping, compliance testing, documents, IRS tax form 5500 and all others are included under one fee schedule.
Are there extra fees to include provisions such as Safe Harbor, Roth 401k, or Profit Sharing?
No. All are included as options without additional fees.
Does someone assist with plan design?
Yes. The TPA will support you in designing your plan. This includes a discussion of each of the flexible features available in a 401k.
Do you help us manage our Fiduciary responsibilities?
Yes. We give a general guide to managing your duties. The guide includes a sample Investment Policy Statement from the TPA, a guide from the DOL, and investment education for the funds on a plan level.