For Plan Sponsors

Enhanced Participant Statements for 1st Quarter 2019

Your Trust Point 401(k) participant statements are getting a new look. Beginning with the first quarterly statement of 2019, the statements will feature a number of enhancements, including:

  • Personal rate of return for a 12-month period and the quarter
  • A graph showing your balance history
  • Beneficiary listing
  • Full-color and double-sided printing

These new participant statements will have a look that is complementary to the participant’s online account and will be more user-friendly and understandable. Questions about the new statements may be directed to the Retirement Plan Services Team at 800-658-9474.

 

Your Data Security is Our Priority – YEDC and MFA

As cybersecurity becomes increasingly important, Trust Point is adding additional layers of protection for you and your plan participants—by adding Multi-Factor Authentication and changing our Year End Data Collection process.

Year-End Data Collection (YEDC):

Securing your data is our priority. As a result, we now have a system that allows you to upload your census file and plan disclosures online, adding security, reducing risk, and increasing efficiencies. What’s more, this system allows you to access and reference data from prior plan years.

Multi-Factor Authentication (MFA):

MFA is a tool for identity verification. This year, in addition to logging into your plan sponsor and participant accounts with your username and password, a One-Time PIN, sent via text or email, will also be required. How will this be handled? Two weeks in advance, your Relationship Manager will inform you of the date on which MFA will be enabled for your 401(k) plan. Included with that message will be an informational flier you can share with your employees. You may also wish to send it to former employees who still have a balance in the retirement plan. To allow for a smooth transition, Trust Point requested phone and email information for plan participants as a part of the YEDC process. If you did not provide that information when uploading your census file, you may want to begin gathering the information. This information will only be used by Trust Point for MFA or to contact a terminated participant who has not updated his or her mailing address.

The security of your retirement plan and plan participant accounts is of the utmost importance to us. We appreciate your partnership in working to enable this new layer of security. If you have any questions or concerns, please reach out to your Trust Point Relationship Manager directly.

 

 

For Plan Sponsors and Participants

Copy and paste into your company’s employee communication!

A New Look for Your Quarterly Statements

Your Trust Point 401(k) participant statement is getting a makeover. Beginning with the first quarterly statement of 2019, the statements will feature a number of enhancements, including:

  • Personal rate of return for a 12-month period and the quarter
  • A graph showing your balance history
  • Beneficiary listing
  • Full-color and double-sided printing

Your new statement will complement your online account and will be more user-friendly and understandable. If you have questions about your new statement, call the Retirement Plan Services Team at 800-658-9474.

 

Retirement Consults

The Trust Point Retirement Plan Services Team is dedicated to assisting and serving clients as they save for retirement. A great way to learn more and receive guidance on your path to retirement is to schedule a retirement consultation with a Trust Point retirement professional, whether during annual education at your facility or by phone or in person at other times during the year. A pre-scheduled appointment offers many benefits. We will be able to:

  • Develop a clearer understanding of your needs before the appointment.
  • Properly prepare any needed materials to enhance the experience.
  • Reserve time in our schedules just for you.

To schedule a retirement consult, please contact a member of the Retirement Plan Services Team at 800-658-9474.

 

Revisiting “Volatility”

As long-term investors in our retirement accounts, we know that volatility and (stock) market corrections are unavoidable. Nonetheless, every time they combine, we are reminded of the pain they can cause. Being a long-term investor in a short-term world can be frustrating and mentally challenging.

As human beings, we naturally pay more attention to negative news. Out of fear, our brains amplify the significance of the negative news stories, which can trigger an “urge to do something.” It is easy to adopt a herd mentality in reaction to it.

During these times, clients often wonder whether they need to re-think their long-term asset allocation mix—wondering if they should sell until markets become more “certain.” Some have even expressed a general disgust with investing in general. Our response is perhaps a little boring but is consistent with our philosophy of investing; unless your unique personal situation has changed, tune out the noise and stick with your long-term plan.  Volatility and short-term market corrections have never prevented anyone from achieving their long-term goals. Markets are never “certain” and selling requires a plan to get back in. When it feels more “certain,” asset prices have typically already adjusted higher. Not knowing what markets will do next week or next month (nobody does) is not in itself a reason to deviate from your long-term plan or worse, prevent you from investing.

 

The RPS Team – Here When You Need Us

As a retirement plan participant, you may have questions regarding a number of aspects of your account, ranging from distributions and rollovers to contribution amounts and investment options and more. At Trust Point, we serve and assist our clients as a team. There are a number of professionals on board to field the questions you have regarding your retirement plan. For assistance, please call the Retirement Plan Services Team at 800-658-9474.