Customized solutions for your employees!
As you strive for your business success, a goal to attract and retain quality employees is one that Citizens Bank & Trust can help meet! You’ll have customized solutions for building the right retirement options for a benefits package that will earn commitment from current and prospective employees!
- Develop Investment Policy in collaboration with Employer to best serve employee needs
- Select and monitor investments that satisfy Investment Policy
- Provide investment education and consultation to employees
- Hold assets in custody on behalf of plan
- Daily reconciliation between plan and custody account
- Distribution and Loan Proceeds disbursements
- Provide plan level reporting
Every employer has a unique set of circumstances they need to work through in order to continue to operate. Our consultants work with you to design the most appropriate plan for your set of circumstances and priorities. We work to fulfill your needs and not force you into a cookie cutter or canned product.
A Fiduciary is simply someone who is obligated to act in the best interest of others. It is a legal status and one must be identified as such. The retirement plan industry historically has operated with the employer as the Fiduciary who in turn hired specialists to help with investments, compliance and other administrative duties. The specialists were not considered Fiduciary’s however and plan participants had no legal recourse against them.
Our philosophy is that the employer is hiring us to provide services that they cannot or do not want to perform. We shoulder the responsibility of providing those services in a Fiduciary capacity. Actual conflicts of interest are avoided as well as the appearance of conflicts of interest which greatly reduces the likely hood of litigation.
- Daily Valuation of participant accounts
- Online access to initiate investment changes and contribution rates
- Process contributions, Loan Payments and distributions
- Provide Quarterly Participant Statements
- Create and maintain plan legal documents
- Perform annual compliance testing
- Prepare signature ready tax filings as well as provide electronic filing on behalf of employer
- Stay up to date on important changes to legislation regarding retirement accounts Secure Act Summary.pdf
- Prepare annual valuation reports
- Verify employee and employer contributions
- Review plan operations are in line with plan document
- Review Investment Policy
Some employers wish to utilize a Pension Plan to provide even more robust benefits. We partner with an actuary to provide these services in a collaborative approach.
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