Business Retirement Plan Services
Why select Heartland Bank and Trust Company?
Heartland Bank and Trust Company is a professional Trust Company delivering a full suite of investment, fiduciary and wealth management services to individuals and institutions. A special segment of our practice is devoted to qualified retirement plans. There are many advantages of the retirement plan services provided by Heartland Bank and Trust Company and our Third Party Administration (TPA) partners. These advantages make our program the best solution for your company retirement plan:
- True open architecture on plan investments. In our program, a plan sponsor can select the strongest possible menu of investments, using funds from hundreds of fund families as well as a self-directed brokerage window option. There are no proprietary funds involved whatsoever. Our broad flexibility of investments is a major advantage versus many other programs available in the marketplace.
- A transparent, net asset value (NAV) environment. In sharp contrast to many insurance-based programs, our plans never use variable annuities or separate account investments. This means that all fund prices match the newspaper and are “known quantity” investments. Our approach ensures a low overall cost and full fee disclosure. What’s more, sponsors are not asked to sign a “contract”; merely an administrative services agreement and a trustee agreement.
- Simplifying life for Human Resources. In combination with our TPA partners, we deliver comprehensive administration in lieu of “recordkeeping”. We receive a complete census file from clients each pay period covering all employees which allows us to simplify life for Human Resources in a variety of ways. We determine eligibility by source, update vesting on a real-time basis, offer an automated process for loans and distributions, and communicate “action items” to the client through the plan sponsor website. In addition, our comprehensive approach dramatically simplifies the year-end process for compliance testing, allocation of employer contributions, processing of forfeitures and completion of Form 5500. We ask for more data so we can do a more complete job in administering your plan. This approach is music to the ears of HR professionals.
- Compelling structural advantages. Heartland Bank and Trust Company’s relationship with our TPA partners is highly unique in that it provides administration, mutual fund clearing and agent-to-trustee services under one roof. Having a single firm as the partner to Heartland Bank and Trust Company instead of two or three entities ensures simplicity and accountability, and eliminates the possibility of coordination problems or “finger pointing”. When questions arise regarding contributions, loans, distributions, enrollments, census files or other matters, they can be quickly resolved since all of these functions are handled within a single facility.
- High level of technical and ERISA expertise and personal service. Qualified plan regulations are complex and constantly changing. We consider it our responsibility to know these regulations and to keep clients apprised of their options. Each plan is assigned an Advisor and a Plan Consultant, who are the primary contacts over the life of the relationship. These individuals will perform all functions as it relates to the on-going servicing of your plan.
- Fiduciary services and assistance from Heartland Bank and Trust Company as your Professional Trustee. This helps your retirement plan committee discharge its duties properly – including the selection and review of plan investments, adherence to sound fiduciary process, assistance in complying with ERISA 404(c) and other matters. Our comprehensive approach reduces risk for your organization as a whole and provides better peace of mind. As a Trustee, Heartland Bank is held to higher legal “Fiduciary” standard than many individuals and organizations in the investment industry. As a fiduciary we have a duty of loyalty and care, and must put our clients’ interests above our own.
- A thorough and multifaceted participant education program. Heartland Bank and Trust Company’s approach includes regular onsite meetings, accessibility for one-on-one sessions, and ongoing communication with employees during the year using a variety of media. We know that employees only become truly engaged in their retirement journey when education needs are handled properly. Creating this environment is one of our most important imperatives as your relationship manager.
- The latest technology and features. Our program offers features such as personalized rates of return, automatic account rebalancing, online fact sheets and prospectuses, a self-directed brokerage account option, an online “file cabinet” for participant and plan sponsor reports, and numerous other features. New features continue to be rolled out over time to keep our program on the leading edge.
- The “anti-loop line” philosophy. A clear trend over the last few years is that many competitors have outsourced their business to “mega record-keepers”, who may handle one million participants or more. While this may sound impressive during the sales process, what they don’t tell you is that many of these firms have moved to rotating service teams, loop lines and other approaches which essentially put the provider’s business objectives ahead of the needs of the client. In any administrative relationship, questions or issues will come up. Our approach ensures that they can be quickly discussed and addressed by calling your Advisor or Plan Consultant directly. This approach leads to satisfied plan sponsors and successful, long-term relationships.
- Select the right solution for the future. Over the years, your company will change its employee benefits program; you’ll probably also change payroll providers several times. Our solution works well regardless of which payroll system you utilize and provides tremendous benefits to reduce your administrative work and risk. Of all employee benefits, none has a more far-reaching impact on a participant’s future quality of life than their retirement plan. For that reason, it’s critical to select the most flexible solution. Heartland Bank and Trust Company’s program responds to this key imperative.
Please call Todd Jones at 309-664-4518 with any questions you may have about our Retirement Plan Services.
We look forward to the opportunity to service your plan.