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June 24, 2020

Retirement Plan Enhancements

By Aaron Mitchell, Alliance Benefits

Here at Alliance Benefits, we’re always exploring new ways to improve our processes and enhance our plans to help serve you better in the future. While technology in benefits is continually evolving, it is essential we keep our operations current and focused on serving our people in the best way possible. I want to take a brief moment to update you on what is upcoming for our churches and staff who participate in the Alliance 403(b) Retirement Plan. We’re excited about these positive changes, and we hope you will be too.

For those enrolled in the Alliance Health Plan, you may have noticed that all administrative procedures and forms have moved to an electronic process. You can now complete and submit all insurance forms securely and directly from the Alliance Benefits website. With over 3,650 employees now participating in the Alliance 403(b) Retirement Plan, the next step is to implement a similar online method. We have recently revamped the 403(b) monthly contribution process to now include a handy tutorial and 403(b) facts sheet. This update is to provide better training for our churches on contribution reporting. Soon, our churches will have access to an electronic Monthly Contribution Report where you can enter participant information and contribution amounts directly and securely on our site. They will also have the ability to save the content and edit it later whenever they wish.

Ultimately, we are hoping to move the entire contribution process online. To that end, we are developing a fully integrated electronic process for uploading and managing the monthly contributions through a secure portal. We hope to start rolling this new service out to churches in phases later in 2020. If you are an employer that is interested in being an “early adopter” of this program, we’d love to hear from you.

Finally, I wanted to mention that our 403(b) administrator, Empower Retirement, has a wealth of resources on their website, including a personalized employee dashboard and retirement planning tools. Empower recently provided a series of webinars entitled “Moving Forward in Uncertain Times” to offer guidance in the recent turbulent financial markets and uncertain economic conditions. Please visit educationseries.empowermytime.com to register.

We are committed to continually improving our 403(b) plan, and we look forward to serving you in the future. Stay tuned to our blog for more information to come about these developments. In the meantime, if you have questions about any of the Alliance benefit plans, don’t hesitate to contact us.

 

As a University of New Hampshire graduate, Aaron joined Alliance Benefits in September 2017 with a background of working in the benefits office at the University of Missouri. Aaron’s current role as a Benefits Consultant includes building relationships with churches and districts, and primarily assisting employers with health insurance and retirement 403(b) questions. He is assigned to serve the churches and districts in the Midwestern and Northeastern United States. 


Posted in: 403(b) Plan Tools, Health Plan Tools