American Trust Retirement, an AmericanTCS business and provider of retirement plan solutions to advisors servicing the small-to-midsize plan market, has launched this week its WorkSaveRetire program, an administrative solution aimed at streamlining retirement plan operations and enhancing client satisfaction.
American Trust Retirement will serve as the fiduciary to the plan and its investments. In turn, advisors who use the WorkSaveRetire can spend their additional time servicing clients and growing their business without having to resolve plan-related complications.
While the firm says plan sponsors have a “general understanding” of their fiduciary responsibilities, it adds that many could underestimate the personal risks and obligations that come with the role.
“WorkSaveRetire addresses the most common refrain we’ve heard loud and clear from advisory firms – Make it simple to offer a retirement plan that helps plan participants achieve the retirement they want,” said Jonathan Duggan, senior vice president and national sales manager at American Trust Retirement. “By entrusting the operation of retirement plans to us, advisory firms are liberated to focus on servicing their existing clients and expanding their businesses while overseeing and monitoring plan performance in a simple and streamlined way. At the same time, employers can hand off the responsibility and fiduciary liability of running a plan to the experts on our team.”
Other services offered by the WorkSaveRetire solution include approving participant distributions, managing plan investments, and completing required annual reporting, among other services. By combining plan design features with a focus on participant advice, the firm says it takes the guesswork out of administering a plan and positions plan participants to achieve their retirement goals.
“Firms adopting our plan design features and personalized managed accounts experienced a dramatic improvement in the percentage of participants on track to retire successfully,” added Duggan.
With offices in Dubuque, Iowa; Memphis, Tennessee; Lexington, Kentucky; Greensboro, North Carolina; and Denver, Colorado, American Trust Retirement offer plan design, fiduciary oversight, discretionary trust services, cost efficiency, service and technology.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
