Definiti
Delivering Business-Centric Retirement Plans with Smart Strategies

The complexity of regulations governing retirement plans starts with the ever-changing nature of retirement plan laws. For instance, the Congress recently passed into law the Securing a Strong Retirement Act of 2022”, commonly referred to as SECURE 2.0, which introduced about 90 new provisions to retirement plan tax laws. Many of these provisions are still being refined and updated as they are implemented, meaning more changes are coming. These continuous revisions can pose significant challenges to SMBs that administer a retirement plan for employees, requiring constant review and potential updates to ensure plan compliance all while providing the deserved retirement benefits to their employees.

Definiti, an independent third-party administrator (TPA), helps employers of all sizes to navigate the complex legal and regulatory landscape of retirement plans in offering intelligent retirement solutions to employees.

“We excel in rectifying any past mistakes in a client’s workplace retirement plan, ensuring compliance with the IRS and the Department of Labor, and implementing those preventive measures to minimize the chances of recurring mistakes and issues in the future,” says Brian McCabe, General Manager at Definiti.

One of Definiti’s priorities is to provide cost-effective and time-efficient compliance services to small and medium-sized companies who don’t have access to ERISA specialists. Through this approach, Definiti offers carefully crafted plan designs that enable employers and plan sponsors to maximize the potential of their retirement plans, which can help to attract, recruit, hire, and retain the right talent essential for organizational growth.

The company’s client onboarding model includes a multifaceted and layered process that explores and refines the specific requirements and interests of each client and the resulting retirement plan. This approach delivers thoughtful guidance and personalized retirement plan solutions.

For instance, during a recent consultation with a financial advisor, Definiti encountered a situation where the client already had a 401(k) plan for their employees but wanted to explore adding another retirement plan solution to enhance employee benefits even further. In response, Definiti worked with the employer’s financial advisor to create a detailed preliminary plan design. Further consultation with Definiti’s in-house plan actuaries helped to identify several plan options that might interest the client and meet their needs.

These experts meticulously scrutinized the company’s financials and presented several sophisticated retirement plan scenarios. This kind of consultation empowers financial advisors to offer improved benefits solutions to employees under different circumstances, along with the associated costs to the employer over the long term. This detailed consultative approach, conducted in collaboration with financial advisors, improved the overall outcome.

Definiti works closely with financial advisors in administering their client’s retirement plans, and shares educational resources so that plan sponsors can become more confident in administering their retirement plan. In fact, the company offers several high-quality educational resources for both plan sponsors and financial advisors.

A significant initiative for the company is the Definiti Retirement Academy (https://definiti.com/retirement_academy/), a bi-annual two-day webinar series covering the fundamentals of retirement plan administration. This virtual program particularly benefits HR professionals and plan administrators who want to improve their understanding of retirement plan administration and the ever-changing regulatory and compliance landscape. It also provides an advanced level of education for those who already understand retirement plan basics, equipping them to confidently navigate more complex retirement plan issues.

Definiti keeps plan sponsors informed about changing rules with monthly newsletters and ERISA bulletins. In addition, each plan has a dedicated retirement plan consultant who is very familiar with the plan design and the company business which ensures that Definiti can deliver personalized services to each plan and employer.

In addition to its core service offerings, Definiti is one of the few national TPAs’ that can meet the cybersecurity standards established by the U.S. Department of Labor to safeguard employee and participant personal information in a data-rich electronic environment.

“To help our clients become confident in administering their retirement plan, we deploy a national team of retirement plan experts to ensure plans remain compliant and are administered properly. Our team can maximize the benefits of a retirement plan while ensuring seamless compliance to all the applicable DOL and IRS laws. We’re here to help define what’s possible and what’s next,” says McCabe.