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Mason City (641)423-1600 Change Location

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Mason City Change Location

2601 4th Street SW
Mason City, IA 50401

Tel. (641)423-1600

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    Charles City, IA 50616

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Home Blog A Relationship That Goes Beyond Banking 

A Relationship That Goes Beyond Banking 

 
A Relationship That Goes Beyond Banking 

We may have told you a time or two, but here at First Citizens Wealth Management, we’re A Team You Can TRUST.  And in this article, we’re going to explore yet another reason why. Did you know we offer retirement planning services on more than just an individual level? We’ve entered a partnership with EPIC Retirement Plan Services (EPIC RPS) to provide you and your business with retirement plan services. First let’s discuss why it’s important to offer a retirement plan, specifically a 401(k). 
 
Show Your Employees Some Love 
Offering benefits is one of the best ways to ensure your employees are happy, remain loyal to your company, and want to help you make it succeed. Many employees cite retirement plan options as a primary benefit they seek when deciding where to work. As such, offering a strong retirement plan can help you attract and retain the people you need to run your business and can be a smart way to level the talent competition between you and larger businesses. 
 
Tax and Retirement Savings Can Really Add Up 
The tax savings you can experience with a 401(k) plan along with the asset growth from your contributions, compounding interest, dividends, and capital gains can amount to substantial dollars. For example, a firm with two partners and $1m in payroll can save $18,000 a year in taxes even after netting out contributions to all employees of the firm. Couple a 401(k) plan with a Cash Balance plan and that amount can jump well into the $100,000 range. 
 
Technology is making Retirement Administration Easier Than Ever 
If you have a human resource or office manager who would typically be responsible for employee benefits, you might be hesitant to overload that person with responsibilities. That’s why firms often outsource 401(k) plans to a financial services company. With recent developments in technology, a lot of the tedious administrative work around starting a 401(k) and paperwork has been significantly reduced. 
 
Who Doesn’t Like a Tax Credit? 
Tax credits can offset potentially more than half of the cost of a new small business retirement plan, up to a $5,000 maximum (but never less than $500). Additionally, if the new plan automatically enrolls employees into the plan on a uniform basis (but at no minimum rate), you will receive an annual credit for start-up costs of $500 per year. 
 
Now that we have your attention, let’s talk about our partner in the retirement plan administration process, EPIC RPS.   
EPIC Retirement Plan Services is a retirement plan service provider dedicated to meeting the recordkeeping, administration, actuarial, marketing, and communication needs of an ever-evolving retirement plan marketplace. Their mission is to set the leadership standard in delivering innovative solutions, progressive technology, and exceptional client service. They create long-term relationships built on the strengths of EPIC RPS and our expectations of excellence. 

Founded in 1993 in Rochester, New York, EPIC RPS serves banks, advisors, TPAs, and other financial institutions by offering a full suite of custom-tailored retirement plan solutions. Their footprint now includes offices in Rochester, NY, St. Louis, MO, Portland, ME, and Peoria, IL supporting a client base of over 5,000 retirement plans with more than 275,000 participants and $19 billion in assets throughout all 50 states. EPIC RPS is a wholly-owned subsidiary of NBT Financial Services, a subsidiary of NBT Bancorp, Inc. (NASDAQ: NBTB). 

EPIC RPS is committed to building strong, lasting partnerships. Their dedication to that philosophy is exemplified throughout all levels of the organization. From the senior management team to sales consultants, relationship managers and service representatives, EPIC RPS exudes a true passion for serving their partners coupled with deep industry expertise and experience. Unburdened by conflicts of interest, EPIC RPS doesn’t sell a product, we deliver retirement plan solutions to fit the unique needs of our partners. 

A Single, Comprehensive Retirement Solution 
EPIC RPS works with 401(k)s to Cash Balance plans, 403(b)s, ESOPs, MEPs, and 457s. In fact, they work with most plan types, regardless of assets or participant count. For sponsors who maintain more than one plan with EPIC RPS, they provide a single login showing everything in one web portal. 

Uncompromising Client Service 
Recordkeeping may be labeled as a commodity, but exceptional service is not. We recognize that people are our greatest asset. From sales, to conversions and ongoing plan maintenance, EPIC RPS delivers exceptional service from passionate, experienced individuals. When working with EPIC RPS you have access to a single individual, who you know by name, to address all your needs. 

Participant Access 
Dynamic information delivery is a key component of any exceptional retirement plan. Our participant experience serves up complete account information and transactional capability at home, at work, or on the go. Participants can manage their accounts through device responsive web and/or mobile applications. Key features provided to participants include:

  • My Retirement Goal planning tool  
  • iOS and Android mobile applications with transactional functionality 
  • Automated rebalancing 
  • Online enrollment 
  • Online loan modeling and distribution requests 
  • Personal rate of return calculator 
  • Single login for multiple plan types

Participant Call Center and Voice Response Services 
In addition to the website and mobile applications, EPIC RPS provides a bilingual transactional voice response system for participant account management with 24/7 access. The voice system delivers an opt-out to live Participant Service Center Representatives, including Spanish speaking support, available 7am–7pm Central time.  
 
Participant Education & Communication

  • Gap Analysis Report—specific to each participant’s current retirement plan savings situation, this piece is mailed to the individual participant and illustrates whether there’s a savings gap between the path they are on today and their recommended retirement savings. 
  • GuidancePlus & AdvicePlus—a suite of planning, advice and decision-making tools, including calculators, educational content and participant-specific investment advice with transaction implementation features. 
  • SmartPlan—an interactive, video-based education and retirement planning system that provides retirement plan basics and aids participants in investment selection based on risk tolerance.

Plan Sponsor Service 
As a plan sponsor, you need tools and services to ease and off-load some of the responsibility inherent in offering a retirement plan. We deliver

  • Plan and participant level activity, balance, and readiness reporting 
  • Quarterly plan sponsor newsletter 
  • Administrative reports 
  • Bidirectional/360 data integrations with leading payroll providers 
  • Notice & Disclosure Fulfillment—we can save you time and money by creating and mailing required participant disclosures and notices. 
  • 5500 preparation 

So, what are you waiting for? Give us a call today to discuss the future of your existing retirement plan, or the prospect of starting one to give your employees an edge. First Citizens Wealth Management and EPIC RPS are here to help. Contact us at 641-422-1600 today!

Products provided by First Citizens Wealth Management are not insured by the FDIC, are not deposits of the bank and are not guaranteed by this institution; and, are subject to investment risks, including possible loss of the principal invested.

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