Prime Capital Retirement utilizes a team approach for each client, serving as an independent, unbiased fiduciary partner built on its foundation of in-house ERISA attorneys. Prime Capital Retirement focuses on plan health and participant outcomes by providing retirement plan sponsors with professional services that include participant education and enrollment services, professionally managed allocation portfolios, plan design review and maintenance and ERISA 3(38) and 3(21) fiduciary services. The goal is simple: To provide Plan Sponsors and participants meaningful professional services that have integrity at their core. The testimonials, statements, and opinions presented on our website are applicable to the individuals depicting them. These opinions are based on true experiences and each opinion is unique to each individual client. Results will vary and may not represent or duplicate another experience of another client. The testimonials were voluntarily provided and are not paid, nor were they provided free products, services, or any benefits in exchange for said statement. Advisory services offered through Prime Capital Investment Advisors, LLC. (PCIA), a Registered Investment Advisor. Prime Capital Investment Advisors doing business as Qualified Plan Advisors, “QPA.” 6201 College Blvd., Suite #150, Overland Park, KS 66211
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Prime Capital Retirement reposted this
What was the first song broadcast from space? It was a ditty originally titled, “The One Horse Open Sleigh,” which was composed by James Lord Pierpont. Best wishes to everyone for the holiday season and the coming year. #JingleBells #HappyHolidays #FiduciaryFriday #FF122024
It’s #FiduciaryFriday! Michael Smoots, J.D., AIF® shares how the time value of money and consistent contributions can help you become a 401(k) millionaire. #401k #RetirementSavings #Fiduciary
How do you become a 401k millionaire? The best answer is found in this phrase: Time in the market beats timing the market. Meaning, start saving in your twenties and contribute at least enough to fully capture the company match. If you’re older, different levers have to be pulled and avoiding sequence of returns risk is paramount. Is your financial professional explaining the time value of money to your team at work? #401k #TimeValueofMoney #Fiduciary #FuduciaryFriday #FF121324
It’s #FiduciaryFriday! Michael Smoots, J.D., AIF® discusses the advantages and deeper fiduciary considerations of combining a 401(k) with an ESOP to create a #KSOP. #RetirementPlanning #Fiduciary
What are the advantages of combining a 401k with an ESOP component to create a #KSOP, and are there disadvantages? This week’s link provides an analysis from the The Employee Ownership Foundation, which centers on cost analysis. As much as I may agree with their conclusions, I want to add that there are deeper fiduciary considerations that the KSOP fiduciaries, including its investment committee, should consider. If you’re considering the launch of an ESOP or KSOP, ask a Prime Capital Retirement professional for more information. Likewise, if you already oversee such a plan and these considerations seem foreign or unaddressed. #ESOP #ERISA #Fiduciary #FiduciaryFriday #FF120624
In observance of #Thanksgiving, all Prime Capital Financial offices will be closed today. We extend our deepest gratitude to you and your family this Thanksgiving. Thank you for being a valued member of the Prime Capital Financial community! Have a safe and joyful holiday!
Congratulations to LEARFIELD for being named a Medal Winner in SBJ's 2024 Best Places to Work in Sports! This honor highlights their people-first approach and commitment to fostering a positive, inclusive work environment where employees thrive. Prime Capital Retirement is proud to support them in their journey. Read more here!
It’s #FiduciaryFriday! Michael Smoots, J.D., AIF® shares insights on matching student loan payments in retirement plans under Secure 2.0—a step toward balancing debt and savings. #QSLP #Secure2 #Fiduciary
This week’s best question: What about matching student loan payments in the retirement plan? No doubt many struggle with school loans, which may delay saving for retirement. The estimated U.S. total debt is $1.7 trillion. And Secure 2.0 allows employers, including nonprofits and governmental organizations, to match certified student loan payments (the QSLP). Yet, there are pros & cons. The match must be subject to the same vesting schedule for example. And targeting for certain positions or demographics isn’t permitted. Outside the plan, additional compensation can be structured more liberally. Moreover, such debt assistance up to a certain limit may avoid income tax. Several record keepers already offer student debt management programs that operate outside the retirement plan, while being integrated with it. Your retirement plan consultant should help you explore the choices before making this decision. #QSLP #Secure2 #Fiduciary #FiduciaryFriday #FF112224
It’s #FiduciaryFriday! Michael Smoots, J.D., AIF® reflects on the #election's impact on retirement plans. From the halted #fiduciary rule to evolving #ESG investing guidelines, this week's insights highlight key shifts to watch. #RetirementPlans
What consequences of this election relative to retirement plans? It’s fair to say that the latest fiduciary rule is dead. Hopefully, savers view their retirement plan as the backbone of their financial plan and intend to leave their savings under the “fiduciary watch” anyway, taking advantage of group purchasing power, protection from creditors, et cetera. As mentioned in this week’s article, the rules around ESG investing face another change. And the treatment of adequate consideration for ESOPs is intriguing - more on that in a near future post. #401k #ERISA #ESG #ESOP #Fiduciary #FiduciaryFriday #FF111524
It’s #FiduciaryFriday! Michael Smoots, J.D., AIF® breaks down #Quest Diagnostics’ recent summary judgment win, emphasizing the importance of #fiduciary process over results. A valuable reminder for all those managing retirement plans. #HireAFiduciary #401k #ERISA
I'm just considering... Politics? Nah, let's stick with ERISA. Did you see that Quest Diagnostics won its lawsuit on summary judgment? After failing to win its motion to dismiss in 2021, the federal court granted Quest summary judgment in September. In the process, the court provided a roadmap for fiduciaries to consider (if not follow) and stated this: "In assessing this duty, courts look at a fiduciary’s 'process rather than results'[.]” Are you an investment committee member overseeing the retirement plan at work? If so, consider printing the court's ruling and sharing it with your committee members at your next meeting. Do you make retirement plan decisions at work and need to know whether you're a fiduciary? If so, we should talk. That's especially true if the word fiduciary is hazy to you, and your organization allows employees to save at work. #HireAFiduciary #401k #ERISA #ClassAction #FiduciaryFriday #FF110824
Prime Capital Retirement reposted this
We are excited to announce Jania Stout, CPFA as the new President of Prime Capital Retirement and Prime Capital Wellness. With nearly 30 years of #industry expertise and a strong reputation for delivering effective results, Jania is a valuable addition to our team. Learn more about Jania here and join us in welcoming her to Prime Capital Financial. #PrimeCapitalFinancial #Retirement #RetirementPlanning #FinancialWellness
It’s #FiduciaryFriday! Michael Smoots, J.D., AIF® addresses recent #ESOP litigation and the importance of managing dilution risks. #TheNationalLawReview #Fiduciary
Which of the dreaded "D" words may apply in the increasingly common arena of ESOP litigation? Dilution. This week's post concerns a claim that existing ESOP owners were disadvantaged in a re-leveraging transaction. If you're managing an ESOP and that's a topic, good counsel and review of Field Assistance Bulletin No. 2002-01 (FAB 2002-01) are advised. #ClassAction #ESOP #TheNationalLawReview #Fiduciary #FiduciaryFriday #FF110124