Group Retirement
Team Santoro helps your firm assess, implement & monitor a best in class group retirement program.
The top priority of a growing business is to attract and retain top talent. Group Retirement Benefits are a fantastic way to increase employee satisfaction and retention. If you already have a plan we start with a plan audit. It is not uncommon for us to uncover over $1.6M in fee savings on a $50M asset plan. The audit includes a quantitative analysis where we benchmark your current plan vs. the industry as outlined here:
Next we review the service model to see what is being provided and more importantly what is missing.
If you decide to move forward, we develop a communication strategy to make the transition as seamless as possible.
We offer the following services:
Defined Contribution Plans
An industry leader in the qualified retirement plan space, Santoro Financial Group provides defined contribution consulting services to corporate, municipal and non-profit clients across the country. As employer-sponsored retirement plans represent a larger portion of retiree income, Santoro assists our clients in customizing solutions geared to increase employee engagement, retirement readiness and retention. Santoro Financial Group provides comprehensive fiduciary support to sponsors in addition to optimal plan design, vendor management, investment due diligence, and participant wellness services.
Defined Benefit Plans
Santoro Financial Group partners with organizations to help them understand the pros and cons of their Pension plans. We help integrate risk management techniques, de-risking strategies and glidepath analysis to minimize the future financial impact to employer groups while creating sustainable income streams for participants throughout retirement.
Non-Qualified Plans
One of the most under-utilized compensation strategies in the US, Non-Qualified Deferred Compensation (NQDC) plans often supplement an employers qualified retirement plan. Designed for employer groups to provide mission critical employees with an additional vehicle to save tax-advantaged dollars for retirement. NQDC plans also provide organizations with a carrot to retain, recruit and reward top performers. Hays provides individually tailored solutions specifically designed to each client’s needs.
Executive Life Insurance
Protect the organization and your top talent by creating a safety net for sustainability through transition periods.
How does a Group Retirement program help your employees?
- Financial stress is the #1 cause of stress-related illnesses1
- 70% of Americans live paycheck to paycheck
- In a recent Financial Finesse survey, 84% of employees reported that they have some degree of financial stress1
- 24% higher healthcare costs in people who are stressed about finances2
- 5x more likely to file a workers comp claim3
- Workers who report high financial stress are twice as likely (48%) as non-stressed workers (24%) to use sick time when they aren’t sick3.
- In a recent PwC survey, 46% of workers said they spend 3+ hours during the workweek taking care of financial issues4