Understanding Retirement Savings Plans

Understanding Retirement Savings Plans

Defined contribution plans, commonly known as 401 (k) or 403 (b) plans have become the most common retirement plans offered to employees.

These plans can be relatively easy to manage for employers and easy to fund for employees who choose to enroll. But many plans do not offer the ease of a hands-off approach that some employers and employees would like. This is referred to as a turnkey approach.

This approach is geared for small to mid-size organizations, but can be offered to any size organization. Larger organizations, with 1,000 or more employees, may prefer a more hands-on approach to their employee retirement plans, including the ability to mix and match options. This approach is referred to as an open architecture approach.

Christian Brothers Retirement Planning Services offers the best of both worlds with the Christian Brothers Retirement Savings 403(b) Plan (CBRSP) and the Christian Brothers Employee Retirement Savings 401(k) Plan (CBERSP). These plans cover the lay employees who work for Catholic organizations or dioceses.

For those who prefer a “turnkey” approach, the administrative services for the plans are all encompassing. These services include:

  • Daily valued recordkeeping
  • Online web access for both employer and employees
  • Online quarterly benefit statements
  • Communication materials
  • On-site meetings
  • All legal requirements
  • Access to Vanguard investment professionals

For employers who want a more “hands-on” approach, Christian Brothers Retirement Planning Services also offers an open architecture system for our 403(b) and 401(k) plans, which provides an employer the flexibility to design their own investment line-up, either on their own or in consultation with an investment professional.

With this unbundled approach, you get the advantage of an extremely competitive recordkeeping cost structure that CBRPS has negotiated with the Vanguard Group, without requiring the use of their investments. You get both the best-in-class service that Christian Brothers Services has been providing to Catholic employers for more than 50 years and world-class recordkeeping provided by Vanguard.

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