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Future Ministry Partners How We Serve Ministries
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Auto Enrollment Plus Reducing retirement plan administrative overhead and The Pension Protection Act of 2006 formally authorized the practice of automatically enrolling eligible employees into an employer-sponsored retirement plan, unless the employee specifically opts out of the plan. The Act implemented this action as a way to help employers by lessening the administrative burden of offering a retirement plan and actively encouraging employees to save for retirement. At Envoy Financial, we are pleased to help employers provide automatic enrollment, but we are not satisfied with stopping there. We have implemented Auto Enrollment Plus to take this enrollment concept to a level that matches our other ministry service standards. Automatic enrollment stops after the creation of an employee’s retirement savings account and a default investment selection. While we see it as good to establish a retirement account, not all default investment selections will be appropriate for all investors, no consideration is made for what an employee may need to contribute to save enough for retirement, and there is valuable information required to help ensure the proper distribution of funds upon the account holder’s death. Auto Enrollment Plus has 3 steps to help ensure high quality service to your employees as follows: Step 1: Initial enrollment – automatically completed for the employee by the ministry organization and Envoy Financial – establishes retirement account, selects initial investments, and eliminates enrollment paperwork Step 2: Auto Enrollment Plus – live phone conversation with Envoy Financial LifeStage Specialist (licensed financial planner) to discuss retirement plan, evaluate default investment selections, obtain beneficiary information, and discuss voluntary contributions and consolidation needs Step 3: Annual Review – Envoy Connect – annual one-to-one live phone call with Envoy LifeStage Specialist (licensed financial planner) to review investment performance and other financial stewardship topics to help ensure that the employee’s retirement strategy is still appropriate, adjusting where necessary For more information on Auto Enrollment Plus and how it can help your ministry reduce its administrative overhead while actively encouraging your employees to participate in your retirement plan, contact Jeff Gater at (888) 879-1376, ext. 209, or by email.
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