Cash balance retirement plans have been around since the 1980s but didn’t gain traction until 2006, when some regulatory questions surrounding them were resolved. They are generally understood to be extremely advantageous to a very specific portion of investors, but their relative structural complexity (compared to 401(k)s and IRAs), regulatory concerns, tax implications and the challenge of educating less sophisticated clients leave many advisors feeling intimidated by them. And unfortunately, those who understand cash balance plans the best often approach them from an advanced or overly technical viewpoint which tends to create still more confusion. As a result, many who would be perfect candidates for cash balance plans are never given the opportunity to consider them as an option.
About the Speakers
Jared Porter
With an insatiable curiosity about a wide range of topics, Jared Porter pursued a degree in English Literature because it allowed him to understand history, culture, politics and more. He found a powerful opportunity for learning and growth at NBS, a third-party administrator for 401(k) plans. He started at the bottom, working through payrolls and transactions, moved into a position coordinating Multiple Employer Plans (MEPs). MEPs are known for their complex and extensive rule structure, and Jared took it as a challenge to fully understand all the rules and how to navigate them most effectively. Jared later served in a relationship support position, which required him to learn all aspects of all different types of plans the company serviced. He gained valuable experience with many recordkeepers, learning their varying systems of reporting, corrections, updates, and more. During this time, he used this knowledge to mentally construct a perfect recordkeeper, with all the best components and features that no single recordkeeper offered.
Sue Hardy
Sue Hardy is a graduate from the University of Utah and has been working in the retirement industry for 20 years. She recently joined 401GO as Head of Plan Operations. Sue's professional designations include ERPA, QKA, APA and APR.
Participant Information
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