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401(k) Plan Services

Our Services are Designed for You 

Client Centered

401(k) plans can be confusing. There are many moving parts. A simple, relatable way to think about a 401(k) plan is like a professional sports team. Each team will have an owner, coach, players and fans. Imagine the business owner or HR department as the team owner, the advisor as the coach, and plan design and investments as the players. Lastly, the plan participants are the raving fans.  All of the facets of the sports team must work together in order to have a winning season.

Like a coach, Hoover & Associates helps to manage, evaluate, and review the investments in each 401(k) plan in order to provide support to the retirement plan fiduciary while also providing guidance to the plan participants. We continually provide guidance on evolving governance and regulation updates to keep employers abreast of the latest changes. 

Fiduciary Support: Keeping Compliant 

We help you understand and fulfill each of your responsibilities to the plan. We look around corners for you regarding the latest regulatory changes to keep you plan compliant. 


Human Resources: How We Can Help

Our team has experience with plans of all sizes and can craft a plan for your companies needs. Our goal is to go beyond the ordinary; to potentially help ensure that your plan is dynamic, efficient, and that it realizes its fullest potential.

Employee Engagement: Our Mission 

We know you work hard to offer a competitive retirement plan, and we're here to help your employees understand the plan features. Engagement is at the heart of our process and we'll work diligently to help your employees save for their futures. Our Financial Wellness program is easily implementable and utilized. 

We know you want to work with experienced professionals. At Hoover and Associates, we bring over 30 years of experience servicing 401(k) plans. Our team's credentials include:

              

  

 

Retirement Plan Problems We Solve

WHAT FEES APPLY TO MY 401(K) PLAN?

There are typically 4 fees that can apply to a 401(k) plan. You have the advisor fee, record keeper/platform fee, investment costs, and a third party administrator. We’ll help you understand these costs by benchmarking your plan’s current design, fee structure, and features.

HOW DO I MAKE SURE OUR EMPLOYEES UNDERSTAND THE 401(K)?

We know that even the best designed retirement plan is meaningless unless it is understood and utilized by plan participants. Education and personal attention we believe is how to drive the strongest results in this area. From customized Financial Wellness Programs to simply one-on-one meetings, we're there every step of the way for your employees. 

WHAT IS MY FIDUCIARY LIABILITY TO OUR 401(K)?

That’s an important question. We’ll help you understand the different types of a fiduciary and how to potentially reduce some of your risks. In an ever-changing environment, we help you see around corners to stay up to date on the latest regulations. To assure you’re never out of the loop, we facilitate Investment Committee Meetings and provide minutes for record keeping.

WHAT DOCUMENTS ARE REQUIRED IN THE EVENT OF A DEPARTMENT OF LABOR AUDIT?

We’ll educate you on the different documents you need, what they do, and provide a checklist to make sure your 401(k) plan is running smoothly. We make sure that your plan has all of the necessary documents and is audit-ready, should the government ever come knocking. This includes the evaluation and implementation of an employee communication and education plan. We also offer on-site group meetings, face-to-face participant consultations, and strategic review and analysis of investment options utilizing the latest in quantitative and qualitative tools.

Have a Question? We'd Love to Help. 

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