​​Employer FAQs

Can you help improve the retirement plans employers offer to employees?

As a PlanMember Financial Center, we honor that PlanMember was founded on the belief that employees of nonprofit organizations, especially educators and educational support personnel, deserve to enjoy the same level of retirement planning services as corporate employees. One way we help make this happen is by implementing the PlanMember 403(b) & 457(b)  Savings Program, giving employees a wide selection of investment and annuity options delivered with friendly, helpful service. We understand that when employers offer a carefully-designed retirement plan, employee participation and retention improves.

What is the PlanMember 403(b) & 457(b) Savings Program, and what is the upside for employers?

By combining many of the nation’s leading mutual fund and annuity providers into a single solution, the PlanMember Program restores the investment choice employees lost when a large percentage of mutual fund and insurance companies abandoned the 403(b) market in 2009. The PlanMember Program also delivers financial education to help employees improve their understanding of personal finance, and customized planning services to help create a personal retirement savings and investment strategy and the tools to stick with it.

Why are 403(b) regulations so challenging for employers?

In 2009, the IRS added responsibilities to the administration of retirement plans that nonprofit employers offer to employees, including:

• The requirement to adopt and maintain a written Plan Document and operate plans according to its terms
• The assumption or delegation of complete plan administration and compliance control
• The prohibition of separate life insurance contracts in 403(b) plans
• New requirements for Universal Availability rules, including annual meaningful notice and meaningful opportunity of the right of employees to participate in the plan
• New timing rules for payroll contribution remittance

What kind of customer service is available with the PlanMember Program?

As your local PlanMember Financial Center, our team of financial professionals will provide guidance to employees through account set-up assistance, by answering investment questions and delivering personalized service. In addition, PlanMember’s toll-free Service Center, staffed by securities-licensed professionals, is available Monday through Friday, 6:00 a.m. – 5:00 p.m. Pacific time. Participants can access their account information 24/7 though the website or PlanMember App (download for iOS or Android), along with a library of helpful calculators, articles and other resources.

How do employers implement the PlanMember Program?

Employers can easily add PlanMember Services as an approved provider in their 403(b) and/or 457(b) plans through a simple installation process. PlanMember will work with the employer’s designated Third Party Administrator and payroll department to provide necessary forms and help administer set-up. Once all plan documents are gathered, your local PlanMember Financial Center professionals will assist with employee enrollment and, at the  employer’s request, begin offering financial education programs for employees.