A comprehensive retirement program can differentiate a business and be invaluable in attracting and retaining talent. Identifying and maintaining the right investments and advisor for your company’s retirement plan, however, can be daunting. That’s where Trust Company of Illinois steps in. We provide renowned retirement plan services that are simple, adaptive and attuned to the financial needs of employees. In turn, our clients can focus on their core business.
Change is constant. So is our commitment to excellence. As business models, retirement regulations, employees and plan objectives shift, our retirement plan services team skillfully modifies our service offerings. We understand what business owners, executives and employees expect from their retirement plans and are dedicated to implementing progressive design, administration, compliance, recordkeeping, investment management and employee education. Trust Company of Illinois, a trust company chartered by the Illinois Department of Financial and Professional Regulation provides our retirement plan services.
At Trust Company of Illinois, nurturing deep client relationships is the foundation for our service model. We excel at understanding the needs of small- and mid-sized businesses and pride ourselves on our boutique approach – each client has one advisor who is keenly familiar with their individual circumstances. We are not just responsive to those needs - we aspire to anticipate them
Our retirement plans are as diverse as the companies we serve. Implementing the right plan with the right features is crucial. Many service providers handle only a portion of retirement programs, but Trust Company of Illinois takes a holistic approach. Our team uses return expectations, risk tolerances, income needs and timelines as guard rails for determining the right asset mix.
We begin by conducting a goals-based exercise, asking questions including:
What goals does the company have for employee retirement, i.e., age, income, etc.?
Is there a specific audience whose contributions should be maximized?
Should employee contributions be encouraged through education-based programming?
Is there an opportunity to redesign the current retirement plan to reduce costs?
Our clients rely upon us for our comprehensive suite of services including 401(k) profit sharing plans, profit sharing plans, 403(b) plans, defined benefit plans, cash balance DB plans, SEP IRAs, non-qualified plans and more. Through our offerings, clients may have the opportunity to select funds by asset class or choose a predefined, diversified portfolio – based on risk tolerance level, and in some circumstances, a pre-determined retirement date.
Our fully bundled retirement service model includes:
Initial and ongoing plan design consultation and optimization including the drafting of sponsor and employee plan documents
Discretionary investment fiduciary services including ERISA 403(a) discretionary trustee, ERISA 3(38) investment manager, ERISA 3(21) investment advisor, complete audit support and annual, semi-annual or quarterly plan sponsor investment committee meetings
Daily recordkeeping and transaction processing, annual compliance testing and government reporting
Initial and ongoing group employee enrollment and education meetings including one-on-one meetings and group presentations
Hi-tech and hi-touch access to accounts including targeted employee communications, quarterly participant statements and daily investment changes and transfers
Financial planning software, access to CFPs as well as resources including calculators, worksheets, articles, blogs, videos and foreign language interpretation
To provide the utmost level of fiduciary protection and enhanced employee options, we offer a variety of investment platforms based on the level of client engagement. We operate as an ERISA investment manager for defined benefit plans and employer-directed profit-sharing plans.
Additionally, we generally include three levels of investment offerings for participant-directed defined contribution plans:
An array of recognized mutual funds managed by a selection of mutual fund companies
Appropriate for investors who feel comfortable designing their own portfolio; TC Wealth Partners select and monitor funds to achieve a well-rounded, high quality line-up of options
Four risk-based asset allocation portfolios managed by TC Wealth Partners
Appropriate for investors who understand their level of risk, but are not comfortable constructing a portfolio; globally diversified asset allocation managed by TC Wealth Partners
Age-based funds managed by a top-rated target date fund manager
Appropriate for investors who are unsure of their appropriate risk level; participant selects a fund based on his/her age with risk automatically decreasing as the participant approaches retirement age
Trust Company of Illinois assumes the fiduciary investment manager and advisor per ERISA Sections 3(38) and 3(21), taking on the responsibility of evaluating, selecting, and monitoring investment options for retirement plans. Our oversight ensures that a qualified plan offers an appropriate menu of investment options based on employees’ circumstances, goals and risk tolerance. Our team of dedicated investment professionals conducts quantitative and qualitative research to ensure that investment vehicles serve their designated purpose in a portfolio. We have formed strategic alliances with research partners to broaden the depth and breadth of the investment opportunities available to clients. Not only do we monitor investments and adjust plans as necessary, but we also engage with employees and assess their financial behavior to identify the best plan.
Contributing to a qualified retirement plan can offer many benefits. Through our offerings, TC Wealth Partners aim to optimize savings, tax benefits, and asset protection for owners of small- to mid-size businesses. Well-designed retirement plans can enable business owners and senior employees to make relatively high contributions on a pre-tax and/or Roth basis (up to $61-$300K/year) and reap the benefits. We employ a variety of strategies to design retirement plans that are appealing to both the business and its employees such as profit sharing contributions, typically in addition to 401(k) contributions. An age-based allocation method, for example, allows owners to increase their total contributions up to $61k ($67,500 if over age 50) per partner while minimizing employee contributions. This approach is ideal when owners are older than the majority of employees. Our ultimate goal is to implement plans that promote the goals of all parties, ultimately fostering a positive corporate culture.
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