Indiana Consulting Firm Nyhart Introduces New 401k Product
INDIANAPOLIS, IN, November 18, 2010 -- Nyhart, one of the nation's largest independent actuarial and employee benefits consulting firms, is pleased to announce the introduction of the Next Generation 401k.
This new retirement benefit transforms how current, outdated 401k benefits are structured and addresses the many flaws and problems exposed during the recent economic downturn.
Nyhart's senior actuaries and retirement benefit advisors spent the past six months researching and analyzing issues with current 401k plans. The research revealed how the traditional approach to 401k fails to provide options that are affect retirement: employee contribution rates and the funds being offered. A release of their findings that inspired this 'next-gen 401k' benefit will be issued later this month.
"The 401k as most people know it was designed to benefit Wall Street more than Main Street," said Nyhart CEO and senior actuary Tom Totten. "We saw employees around the country taking huge hits because most retirement programs utilize expensive investment options, fail to educate employees how their contributions impact retirement and offer no way for employees to understand what they can do right now to retire when they expect. Our experts recognized these flaws and created a 401k benefit that is designed with employees' needs in mind."
Highlights of the Next Generation 401k include:
- Employees receive retirement age projection reports and education to recognize what contributions they should make to retire when they expect.
- Exclusive use of low-cost funds provide maximum retirement balance impact and avoid unnecessary fees and costs that go to investment advisors and fund managers.
- Custom target date portfolios that shift funds into investment channels that minimize risk based on age, not just investment-type, limiting recession dips like those of 2008/2009.
- Integrated single-source administration and education services lower overall costs for employers and employees.
- Extensive fiduciary protection for the employer and their investment committee.
"The reaction to our research and the creation of a Next Generation 401k has been tremendous," said retirement benefit consultant Eric Roberts. "CFOs and HR executives recognize the cost savings and long-term value the Next Generation 401k offers to their bottom line. They also love outsourcing fiduciary responsibility they currently have with their current 401k."
Companies interested in receiving a financial comparison report or an employee projected retirement age analysis for their traditional 401k versus a Next Generation 401k can contact Nyhart at www.nyhart.com or by calling (317) 845-3500.
About Nyhart
Nyhart is Indiana's leading actuarial and employee benefits consulting firm, operating since 1943. The firm began as a family owned business founded by Howard Nyhart. It progressed as a family business until an employee stock ownership plan was created and the employees purchased the company in 2001. Nyhart is composed of actuaries, consultants, attorneys, accountants, and administrators, many of which have prior experience working at international consulting firms. The company was named a 2009 Indiana Company to Watch by the IEDC and is regularly recognized as a top place to work in Indiana. Learn more at www.nyhart.com.
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