Q & A
We love talking about the business of retirement. Here are a number of questions (and answers) you may find helpful.
What is the benefit of offering a retirement plan?
Alliance works with businesses in all industries and has experience designing plans for organizations that range in size from sole proprietors to large corporations with over 5,000 employees.
Why choose Alliance over a bundled retirement provider?
Alliance’s resources are solely committed on retirement plan recordkeeping, administration, actuarial services, and consulting, unlike other service providers that offer numerous ancillary services or whose core business is not retirement plan services. Organizations that work with Alliance receive the undivided attention and specialized expertise to create, implement, and maintain a successful retirement program.
What sets Alliance apart from other independent retirement plan providers?
Alliance has provided independent, expert consulting since 1979, and our staff have an average employee tenure of over 12 years. Every client solution is customized to meet the goals of an employer and their employees. Additionally, we offer a true Open Architecture platform and promise transparent, flat fees throughout the life of our relationship.
As a Chicago-based company, does Alliance only work with companies in the Chicagoland area?
No. In addition to the many professional relationships we enjoy in our region, we are of service to many advisors, employers and employees across the United States.
Does Alliance offer investments or provide investment advice?
No. Alliance does not sell investment products offered by various financial institutions. Instead, our focus is solely on delivering high quality retirement plan consulting, administration, record keeping and actuarial services. We will work with any investment advisor to provide the investment expertise that our clients deserve.
How does Alliance base its fees?
Alliance charges a flat and fully disclosed fee for professional services. We do not charge asset based fees or per participant fees. We believe this provides superior value to employers and employees.
Does Alliance outsource its administrative work?
Our resources are solely committed to retirement plan administration. Alliance does not outsource any portion of plan administration. Our team has been consistently following through on promises to deliver complete, accurate, and timely plan administration services to plan sponsors for over 30 years.
Does Alliance provide services to defined benefit plans?
Yes. Alliance provides both actuarial and fully outsourced defined benefit administration services. Alliance works with plans of all sizes, including those covering a single participant to thousands of participants with hundreds of millions in assets and liabilities. Our staff include a number of fully credentialed actuaries and administrators servicing clients across every industry and covering both the public and private sectors.
What is a cash balance plan, and can Alliance establish one for my organization?
A cash balance plan is often referred to as a “hybrid” retirement plan, given it has characteristics of both defined contribution / profit-sharing plans and defined benefit / pension plans. It can be an excellent tool to provide focused retirement benefits to select personnel within an organization. Alliance has expert consultants who can help design and implement a plan for any organization.
Does Alliance provide plan termination services for defined benefit plans?
Yes. Alliance personnel have been involved in the termination of over 100 defined benefit plans. Alliance can provide your organization with fully outsourced plan termination services, including participant communications, dedicated service center, benefit election management, legal compliance, and annuity selection services.