Top Questions OD Practice Owners Are Asking When Reviewing Their Practice’s Retirement Plan

As a practice owner, you know that offering a retirement plan is a key strategy to attract and retain top talent while benefiting from tax advantages. However, retirement plans require ongoing review – they are not “set it and forget it” programs. Regular reviews help ensure compliance with changing legislation like SECURE 2.0, avoid hidden fees, and optimize contributions.

To make the most of your next review with a Retirement Program Specialist, consider asking these questions:

1. How do I know if I’m paying too much for my plan? Many practice owners aren’t familiar with the true “all in” cost of their plan. Fortunately, your plan’s Recordkeeper is legally required to provide a Plan Fee Disclosure that outlines all the fees paid by you and your plan participants. Some questions to ask regarding fees include:
   • What is the base fee, and how is it billed?
   • What advisory fees am I paying and am I taking advantage of all included services?
   • How do my investment fees compare to those of other providers?
   • Are there any hidden fees I should be aware of?

2. Is my plan compliant? Practice owners have a fiduciary responsibility to ensure the retirement plan they offer within their practice is compliant with federal law. Key areas to review include:
   • Is the plan covered by an ERISA bond?
   • Are participant deferrals being transmitted on time?
   • Are plan participants receiving mandatory annual notices?
   • Is an automatic enrollment process in place for new plans in practices with 10+ employees?
   • Have eligible Long-Term Part Time (LTPT) employees been enrolled?

3. Is my plan still meeting my needs and the needs of my practice? The landscape of retirement plans is constantly evolving, and you may come to find that the retirement plan you set up in your practice several years ago, or even one year ago, may not be the best fit. A Retirement Program Specialist can help you assess whether your plan is optimizing contributions by addressing questions like:
   • Am I taking full advantage of Safe Harbor provisions to maximize contributions?
   • Is New Comparability Profit Sharing a good fit?
   • Are 401(k) loans and increased catch-up contributions available to my participants?

Confused about where to start?

Reviewing your retirement plan can be overwhelming, but AOA members have access to a complimentary consultation with a Retirement Program Specialist from Equitable. Take advantage of this member benefit and schedule your complimentary consultation today.