Disruption → Innovation
Even in the wake of so much uncertainty as a result of the COVID-19 pandemic, JULY believes our mission to build retirement security is more important than ever.
Over the past few months, our team continued to create innovative retirement plan solutions including:
Expanded 3(16) Services
Easy Enrollment
JULY PEP
Expanded 3(16) Services
JULY has years of experience serving as a functional 3(16) fiduciary through Launch401k – our low-cost 401(k) plan solution.
As a 3(16) fiduciary, we perform many duties each year for these plans, which can consume small business plan administrators’ time such as:
Helping to Monitor plan providers and ensuring fees are reasonable
Maintaining the plan document
Approving distributions and loans
Tracking employee eligibility and contributions
Distributing notices throughout the year
Signing and Filing government required returns
But we repeatedly heard from advisors with clients in plans outside of Launch401k that plan administrators, plan sponsors and small business owners desired for someone else to take on ALL of their 3(16) fiduciary needs
JULY gladly responded to their call with a solution. We are expanding 3(16) services to Liberty401k – our bundled, customized retirement plan offering.
Easy Enrollment
JULY’s new, proprietary enrollment software simplifies how participants enroll in and interact with their retirement plan.
Short, professional videos in our Learning Library guide participants through the enrollment process and address participants’ questions like:
1. Why Should I Participate?
2. How Much Should I Save?
3. How Do I Choose Investments?
This takes the guess work out of enrollment and enables participants to make informed decisions quickly.
Our Quick Enroll option has pre-configured elections. A plan may have one Quick Enroll choice or up to three choices (i.e. deferral rates at 6%, 8%, and 10%). Participants simply confirm their personal information and begin their retirement savings journey with one quick election.
JULY PEP
The SECURE Act expanded Americans’ access to retirement savings. One of its provisions created an entirely new type of multiple-employer plan (MEP): the pooled employer plan (PEP) and JULY will be taking on the role of Plan Administrator in order to ease the burden from small businesses.
A PEP allows unrelated small businesses to band together under one retirement plan, hopefully creating economies of scale, which must be governed by a pooled plan provider (PPP).
JULY intends to register as a PPP once final guidance is issued by the Department of Labor.
We will offer a competitively-priced PEP solution.
Also, conversations have begun with some of our institutional partners about creating a PEP for their advisor channels. Each version will include a level of customization to meet the partner’s requirements. We expect to continue creating institutional solutions throughout 2021.
2021 & Beyond
2021 will be a year for small business owners to rebuild their core business.
JULY wants to remove the barriers to retirement plan adoption and administration that lie in their way.
There’s more on the horizon:
– Notice Delivery – proprietary technology to manage notice delivery for 3(16) service clients using the new electronic delivery regulations
– Online Plan Setup – end-to-end plan setup with JULY support available on-demand
– 401Pay Suite of Tools – payroll integration available on even more platforms
– Online Proposal Center – advisors can produce plan proposals for 401(k) and cash balance plans, perform total cost analysis, benchmark fees and more
Replay Our Recent Webinar to Learn More
For a more in-depth look at what’s new at JULY, watch our webinar.
About JULY:
JULY is a 401(k) services company specializing in hi-touch, tech-enabled retirement plan services. Our employees have served as plan experts to advisory firms, advisor and employers in the small and micro 401(k) plan market for over 25 years. Over the last decade, our in-house software development team has built a host of proprietary technology solutions to streamline, automate and simplify all facets of retirement planning to make processes rewarding and easy for our clients. For more information about JULY, visit our website https://www.julyservices.com.
