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. Along with Fiduciary Mitigation, ERISA-Wise, LLC, assumes the responsibilities and liabilities of ERISA sections 3(16), 3(21), 3(38), 404(c), and 408(b).

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 that allows multiple unaffiliated employers to adopt into a retirement plan that is sponsored by a third party who bears the responsibility of administering the plan.

ERISA-Wise, LLC is the fiduciary and trustee of the BreaktHRough® 401(k) plan. As fiduciary and trustee they assume the responsibilities and liabilities of ERISA sections 3(16), 3(21), 3(38), 404(c), and 408(b).

Future Benefits of America is the plan administrator and 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. FBA is also responsible for the plan testing and the preparation of form 5500 for each adopting employer.

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 and responsible for making all transactions for the plan. 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(21) Fiduciary Liability: Hiring/Firing/Reviewing Service Providers
  • 3(38) Fiduciary Liability: Investment Management/Fund Selection
  • Create and maintain the formal plan document
  • Name a Trustee
  • Form committee to review, monitor, hire & fire service providers
  • Provide annual 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
  • Handle terminations, rollovers in, and rollovers out of the plan
  • Issue 1099’s for distributions to participants
  • Periodically review/remove/replace investment lineup members
  • 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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