401k

The Breakthrough® 401(k) plan is a cost-efficient turnkey solution
that aims to alleviate fiduciary liability, reduce administrative costs,
and improve participant outcomes.

We integrate your 401(k) plan with your payroll account to automate contribution processing and make plan administration easier. The Breakthrough® 401(k) uses low-cost investment options—lower investment fees can boost growth for your employees.

The Breakthrough® 401(k) plan uses the Multiple Employer Plan (MEP) structure.
A multiple employer plan (MEP) is a 401(k) plan established under 413(c) of the Internal Revenue Code. The MEP structure allows small employers to unify under one plan document.  This unification grants the leverage of a larger asset base to reduce investment fees for their participants, and the advantage of mitigating the fiduciary responsibilities that come with sponsoring a 401(k) plan.

ERISA-Wise, LLC, assumes the ERISA 3(16) and Trustee responsibilities to mitigate the Plan Sponsor’s fiduciary liabilities with respect to the Plan’s administration.  Bell Rock Capital assumes the ERISA 3(38) responsibilities to mitigate the Plan Sponsor’s fiduciary liabilities with respect to the Plan’s investments

Future Benefits of America is the plan’s record keeper of the BreaktHRough® 401(k). FBA processes payroll data, tracks participant eligibility and produces both online and paper statements for participants and employers.

Bell Rock Capital, LLC is an SEC-registered investment adviser and serves as the 3(38) investment manager of the BreaktHRough® 401(k) plan. Bell Rock is responsible for the investment policy statement and monitoring of the investment options offered within the plan.

Mid Atlantic Trust Company is the custodian of the plan assets in the BreaktHRough® 401(k) plan.  The custodian holds the plan’s assets and and executes the buying and selling of the investments as a result of contributions, distributions or withdrawals. Mid Atlantic has over $50 billion in assets under custody and administration.

The Breakthrough® 401(k) plan advisor’s role is to help the plan sponsor compare the plan to others in terms of design, investment selection, and fees. The advisor will then help the sponsor design their plan to fit their company needs and also conducts initial and ongoing participant enrollment and education services.

  • 3(16) Fiduciary Liability: Plan Administration and Operation
  • 3(38) Fiduciary Liability: Investment Management/Fund Selection
  • Create and maintain the formal plan document
  • Provide Summary Plan Description to participants
  • Maintain beneficiary forms
  • Provide educational materials
  • Monitor participation eligibility for employees
  • Generate and distribute participant statements
  • Insure contributions are maintained within IRS limits
  • Perform compliance testing (ADP Test, Top Heavy, 410(b))
  • Execute and collect participant loans
  • Administer hardship withdrawals
  • Handle Qualified Domestic Relations Orders (QDRO’s)
  • Determine and administer required minimum distributions
  • Process distributions and rollovers
  • Issue 1099’s for distributions to participants
  • Periodically review/remove/replace investment lineup
  • Prepare form 5500
  • Sign and electronically file form 5500
  • Exercise due diligence in the selection of the Breakthrough® 401(k) plan
  • Obtain ERISA/Fidelity bond
  • Select auditor for annual plan audit (Applicable if adopting employer has over 100 plan participants)
  • Upload contribution file after each payroll

Ready to get started? Let’s see if the Breakthrough 401(k) is right for your business.

The Breakthrough® 401(k) Plan is a low-cost, turnkey retirement plan for small and medium sized companies that either have a need to start a retirement plan or have an existing plan in place and are looking for a low-cost, fiduciary-covered plan. Contact us today to learn how you can offer the Breakthrough® 401(k) Plan at your company!

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