Retirement plan services change and evolve as the population ages. You have to keep up with the events of retirement planning companies to remain competitive. Make sure you’re getting the most up to date information, including technological advancements in retirement planning, such as Internet marketing and the growing popularity of long-term insurance plans that cover retirement.

Follow the trends that are affecting business retirement plan companies in a variety of ways. Read retirement planning publications that can keep you updated with news and information about new programs, the latest in retirement communities and who is taking advantage of the plans. Look for retirement plans news and trends from industry and government sources as well as trade groups and senior consumer organizations.

1. Get retirement plan newsletters.

2. Subscribe to magazines for corporate retirement accounts.

3. Participate in associations for employee retirement plans.

Action Steps
The best contacts and resources to help you get it done

Subscribe to newsletters and RSS feeds that follow retirement plan services

Your company retirement plan should be competitive as well as accessible to the most people in your firm. Find out about the best ways to offer retirement planning services to your employees by reading industry newsletters that will send you news as it happens. There could be events and new regulations that you can take advantage of to lower your employee costs or find alternatives that will best serve your staff.

I recommend: Stay informed of recent government regulations and emerging issues through the newsletters put out by the IRS. Get important emails sent to you through your RSS feeder when news happens as well as subscribe to a valuable retirement plans newsletter at BenefitsLink.com.

Read about the latest trends in retirement planning

Take time to read in-depth business retirement plan reports and magazines that cover the industry further than the headlines. Look for information that can help drive your own business decisions from investigative reporting and research articles that take a deeper look into 401(k) plans and other retirement benefits.

I recommend: Find the latest headlines about retirement plans and pensions at Know Your Pension. The 401khelpcenter.com gives readers news that affects the industry as well as a newsletter and 401(k) toolkit for plan fiduciaries.

Join business retirement plan groups

Retirement plan provider groups can supply you with the latest information you need to make educated decisions that are best for your team. Send your key HR team to participate in associations that deal with retirement plans so they can stay on top of the trends as well.

I recommend: The American Benefits Council brings together members who offer or administer retirement plans for millions of American workers. The National Institute of Pension Administrators offers a newsletter to members to keep them abreast of the latest changes in the industry.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Retirement plans are a key benefit that many job seekers focus on when comparing positions. To attract the best and brightest, be certain that your plan is up to par by keeping on top of the news of your competition's plans.

Like being your own boss? Then you should welcome the challenge of building your own retirement plan. Here's the good news: There are more options than ever – most with tax-friendly benefits – that can build long-term wealth.

To examine options for both you and your employees, try a three-part strategy:

1. Identify the savings plans best suited for your business.
2. Select an option that can minimize your tax liability.
3. Diversify your investments to maximize yields.

Action Steps
The best contacts and resources to help you get it done

Step into SEP

A Simplified Employee Pension (SEP) is one of the most hassle-free retirement plans. Operating much like an Individual Retirement Account, it allows larger contributions and greater tax savings.

I recommend: Contact Merrill Lynch or Fidelity, two financial service companies that cater to needs of the self-employed.

Keep it SIMPLE

Business owners and their staffs both contribute to a Savings Incentive Match Plan for Employees (SIMPLE). This option is open to businesses with 100 or fewer employees who earn at least $5,000 in the previous year.

I recommend: Contact Morgan Stanley or Charles Schwab to learn about SIMPLE plans and compare them to other options.

Find a small business specialist

Some firms specialize in customized small business solutions, including pensions that match a small business owner's annual contributions to fluctuations in earned income.

I recommend: Compare MaxPlans and Vanguard deals for small business.

401(k)s: Choose carefully

Employees may contribute a percentage of their pay to 401(k) plans through payroll deductions. But employers need to consider the complexity of these plans when assessing retirement options.

I recommend: Contact Sharebuilder or Decimal Inc., both of which tout easy-to-administer 401(k) plans for small business.

Compare, compare, compare

Investment companies want your business, and using the Web saves time when comparison shopping.

I recommend: Go to BuyerZone.com to get quotes on 401k and IRA retirement plans.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Select a financial planner carefully. Professionals should develop specific plans and not promote only certain investments.
• •  Communicate with employees. State your retirement goals clearly, and work with employees so they understand their options.
• •  Start early. Don't wait until age 50 to start thinking about retirement.

Whether you are in charge of administering a group or individual 401k retirement plan or small business retirement plan, staying up-to-date with retirement information and strategies is a must for any successful business professional. Instill confidence in your clients and employees by completing educational or training programs in-person or online.

It is crucial that you take the time to choose the appropriate program for your personal and business needs as educational offerings can be tailored depending on your location and scheduling demands. Before signing up for or participating in retirement plans education and training, consider the following:

1. Refresh or enhance your retirement savings plan knowledge through in-person and online training.

2. Strengthen your resume by participating in a retirement plans certification program.

3. Utilize supplementary materials and resources to aid in your retirement benefits and corporate retirement accounts activities.

Action Steps
The best contacts and resources to help you get it done

Take part in retirement planning training

Hone your retirement plan provider skill set through in-person or online training. You will be able to ensure your clients or employees that you have the experience necessary to help them successfully meet retirement goals. There are a number of training programs available that can be tailored to meet your specific geographical and schedule needs.

I recommend: Check out HRTrainingCenter, a training and education provider for human resource professionals. View the demo and training opportunities available at Ascensus University, an online resource for retirement plan training.

Enroll in a retirement plan services certification program

Add to your resume by increasing your qualifications and participating in a retirement compensation certification program. Not only will additional certification strengthen your resume but it will alert clients and employees to your expertise. No matter what your schedule or location needs demand there are a number of certification programs that can be completed online.

I recommend: Visit the BankTrainingCenter, a training and education resource for bank professionals that offers a Certified Retirement Services Professional program. Learn about the Retirement Plans Associate program offered by the ABTrainingCenter, a training and education resource for insurance and financial services professionals.

Take advantage of useful resources to add to your business retirement plan knowledge

Obtain a better working understanding of your role and responsibilities regarding corporate retirement plans and employee retirement plans by utilizing online materials and resources. Many companies and organizations provide online information and materials concerning the administration of a company retirement plan. You can sign up for consulting and training services or print out useful materials.

I recommend: Learn about the products and services provided by Convergent Retirement Plan Solutions, a retirement services resource staffed with seasoned retirement industry veterans. Check out the Small Business Administration's guide to Retirement Plan Management for Small Businesses.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be sure to include on your resume all educational and training programs or certifications you have completed during your career as a retirement plan provider. Demonstrating your complete background will ensure clients and employees of your expertise and experience as a financial plan provider.

Most of us depend on professional help when it comes to choosing retirement plans. The subject is steeped in financial lingo that is not part of our everyday vocabulary. This lingo may be hard to bypass since the concepts of retirement planning require some familiarity with key financial terms. If you're shopping around for a retirement plan and aren't sure where to start, your best bet is to learn these key terms so you can make the right choice.

Action Steps
The best contacts and resources to help you get it done

Defined benefit

Also referred to as defined contribution, defined benefit means a plan ensuring specific monies will be paid once an individual reaches retirement.

I recommend: Know Your Pension explains how payouts under a defined benefit plan are calculated. You'll also learn how these plans are set up, how they are regulated by the IRS and what has made them so popular in the United States within the last few decades.

National Institute of Pension Administrators

The National Institute of Pension Administrators embodies the agendas of professionals who administer employee pension plans.

I recommend: The web site of the National Institute of Pension Administrators discusses the organization's mission. It identifies the reasons behind NIPA's involvement in pension plans and how the organization reaches its objectives.

Employee Plans News

Employee Public News is a magazine devoted to information on retirement plans that is put out by the IRS.

I recommend: Go to IRS to read about the issues discussed in the Employee Public News and access archived issues.

ERISA

Passed as federal law, ERISA is also known as the 'Employee Retirement Income Security Act.' This act allows the federal government to get involved in the administration of pension plans by private industries.

I recommend: The Department of Labor spells out the minimum standards for private pension plans that the federal government mandates under ERISA. Get information on the kinds of proceedings ERISA requires and the rights it bestows on participants.

Pension Benefit Guaranty Corporation

The Pension Benefit Guaranty Corporation, or PBGC, watches over the retirement plans of millions of individuals employed in the private sector.

I recommend: At the Pension Benefit Guaranty Corporation, you'll learn how the PBC is funded, how it pays retirement benefits and how it guarantees benefits.

401(k)

A 401(k) retirement plan lets employees decide how much money they want to contribute each month to a plan administered by their employers.

I recommend: At Fidelity, you'll find out how a 401(k) works and how it is different from mutual funds and from a company's profit sharing plan.