After an exhaustive search and due diligence, Gateway Chamber has partnered with Transamerica® and TAG Resources® to offer the Gateway Chamber Retirement Solution. TAG is Transamerica's largest Retirement Exchange 401K - and the largest 'end to end' 401(k) provider in the US.
Your 401(k) Plan is perhaps your biggest hidden compliance exposure.
75% of all plans audited by the DOL last year failed the audit resulting in over $5.6B in fines and penalties over the last 4 years.
The advantages of this program are:
1.You get more for your money. Because this is a multiple employer aggregation program, our members get pricing that is greatly discounted in many ways.
2. It removes fiduciary liability. In most cases the plan sponsor (probably you) is also the fiduciary and as such you incur a lot of liability with the IRS, the US Department of Labor and even your employees. Under our program, for all practical purposes, this fiduciary liability is moved from you to TAG Resources.
3. It removes the administrative burden. As you know, doing all the paper work of a 401(k) is a real burden. TAG Resources does this for our program.
4. It keeps people's money in their accounts. Our 401(k) program stresses the use of target date funds and index funds. The expense ratio for these investments is a fraction of the actively managed funds that are usually recommended by financial advisors. This means that more money stays in your employees pocket instead of going to a fund manager.
INSIDE VIEWS – April 2017
There are a lot of issues out there for me to write about. Healthcare reform, immigration reform, tax reform to name just a few. But given that the lead story in "Inside Business"this month is about my tenure with the Gateway Chamber, running 20 years now, I want to take the opportunity to reflect on my years here. As I look back, I see how much I have gained from this job, professionally and, more importantly, personally, as well.
Without question 20 years is a long time. When I started I didn’t think I’d be around this long. I figured three-to-five years at the outside. I had spent my career moving every three-to-five years and I expected that to continue.
But I also was at a turning point in my life. I needed to decide what was most important to me, my career or my family. I decided that relationships were going to be my primary goal in life, first and foremost my relationship with my family.
You see, my early career was spent in the international arena. I lived and worked in the Middle East and Southeast Asia. When I moved to New Jersey I continued to travel and was away from home sometimes for months at a time.
Copyright James Coyle 2016
"Identity theft has become the third certainty in life, right behind death and taxes."
– Adam Levin, Author of the book Swiped: What Identity Thieves Do and How to Stop Them, is a longtime advocate and identity fraud expert, former director of the New Jersey Division of Consumer Affairs, Chairman and Founder of IDT911, and Chairman and Co-founder of Credit.com.