Category: Blog Posts

How the Secure 2.0 Act Will Impact Retirement Plans in 2023

Legislative Highlights

On December 29, 2022, the Consolidated Appropriations Act of 2023 was signed into law which included the highly anticipated Securing a Strong Retirement Act (SECURE 2.0). This Act brings major changes to the U.S. Retirement System and builds upon the enhancements that were implemented under the SECURE Act of 2019.

This legislation includes over 90 provisions taken primarily from three House and Senate Bills – (1) the Securing a Strong Retirement Act, (2) the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (Rise & Shine Act) and (3) the Enhancing American Retirement Now (EARN Act).

The provisions included in this legislation will take effect in varying years. This staggered approach gives plan sponsors and service providers more time to understand and implement these changes to their plans and recordkeeping systems.

The following is a high-level summary of selected provisions that are effective in 2023:

Modification of credit for small employer pension plan startup costs – Favorable changes have been made to increase tax credits for many employers establishing new plans.

The startup credit will be increased from 50% to 100% for employers with up to 50 employees. The existing annual cap of $5,000 per year will be retained.

An additional credit is also available for employer contributions made to newly established defined contribution plans.

  • For employers with up to 50 employees, the credit is 100% of the employer contributions made to each eligible employee (earning less than $100,000), limited to $1,000 per employee.
  • For employers with 51-100 employees, the credit is reduced by 2% for each employee in excess of 50 employees, limited to $1,000 per employee.
  • The credit amount in all cases is phased out over time as follows:
  • Years 0-1: 100% credit
  • Year 2: 75% credit
  • Year 3: 50% credit
  • Year 4: 25% credit
  • Year 5 or later: 0% credit

The above credits are available to employers that merge into another plan as a part of a Multiple Employer Plan (MEP).

These tax credits are available in lieu of tax deductions, which in some cases may be more valuable

Effective for taxable years beginning after December 31, 2022. Applicable plans: 401(a) plans

Pooled employer plan contribution collection procedures – A pooled employer plan (PEP) may designate a named fiduciary (other than a participating employer) to collect contributions to the plan. The fiduciary would be required to implement written contribution collection procedures that are reasonable, diligent and systematic.
Effective for plan years beginning after December 31, 2022.
Applicable plans: 401(k) and 403(b) plans

Multiple employer 403(b) plans – 403(b) plans are now allowed to participate in multiple employer plans (MEP) and PEPs and will be subject to the same reporting requirements of traditional MEPs and PEPs. Additionally, this includes relief from the “one bad apple rule” so that the violations of one employer do not affect the tax treatment of employees of compliant employers.
Effective for plan years beginning after December 31, 2022.
Applicable plans: 403(b) plans

Raising the age for Required Minimum Distributions (RMDs) – The SECURE Act of 2019 increased the required minimum distribution age to 72. The new legislation will expand on this recent change and once again increase the RMD age.
o Age 73 starting on January 1, 2023
o Age 75 starting on January 1, 2033.
Effective for distributions made after December 31, 2022.
Applicable plans: 401(a), 401(k), 403(b), and 457(b) plans and traditional IRAs

Military spouse retirement plan eligibility credit for small employers – This provides small employers a tax credit with respect to their defined contribution plans if they (1) make military spouses immediately eligible for plan participation within two months of hire, (2) upon plan eligibility, make the military spouse eligible for any matching or nonelective contribution that they would have been eligible for otherwise at 2 years of service, and (3) make the military spouse 100% immediately vested in all employer contributions.

The tax credit equals the sum of (1) $200 per military spouse, and (2) 100% of all employer contributions (up to $300) made on behalf of the military spouse, for a maximum tax credit of $500. This credit applies for 3 years with respect to each military spouse. (This does not apply to highly compensated employees.) An employer may rely on an employee’s certification that such employee’s spouse is a member of the uniformed services.

Effective for taxable years beginning after the date of enactment of this Act, December 29, 2022.
Applicable plans: 401(a) plans

Small immediate financial incentives for contributing to a plan – Under current law, employers may provide matching contributions as a long-term incentive for employees to contribute to a 401(k) plan. However, immediate financial incentives (e.g., gift cards in small amounts) are prohibited even though individuals may be especially motivated by them to join their employers’ retirement plans. Employers would now be able to offer de minimis financial incentives, not paid for with plan assets, such as low-dollar gift cards, to boost employee participation in workplace retirement plans by exempting de minimis financial incentives from section 401(k)(4)(A) and from the corresponding rule under section 403(b).
Effective for plan years beginning after the date of enactment of this Act, December 29, 2022.
Applicable plans: 401(k) and 403(b) plans

Reduction in excise tax – The penalty for failure to take required minimum distributions (RMDs) will be reduced from 50% to 25%. Further, if a failure to take an RMD from an IRA is corrected in a timely manner, the excise tax on the failure is further reduced from 25% to 10%.
Effective for taxable years beginning after the date of enactment of this Act, December 29, 2022.
Applicable plans: 401(a), 401(k), 403(b), and 457(b) plans and traditional and Roth IRAs

Recovery of retirement plan overpayments – Plan fiduciaries will have discretion over whether to recoup overpayments that were mistakenly made to retirees. If plan fiduciaries choose to recoup overpayments, certain limitations and protections apply. Rollovers of the overpayments also remain valid.
Effective as of the date of enactment of this Act, December 29, 2022.
Applicable plans: 401(a), 401(k) and 403(b) plans

One-time election for qualified charitable distribution to split – interest entity and increase in qualified charitable distribution limitation – The IRA charitable distribution provision will allow for a one-time $50,000 distribution to charities through charitable gift annuities, charitable remainder unitrusts, and charitable remainder annuity trusts. The annual IRA charitable distribution limit of $100,000 will also be indexed for inflation.
Effective for distributions made in taxable years beginning after the date of enactment of this Act, December 29, 2022.

Distribution to firefighters – Under current law, if an employee terminates employment after age 55 and takes a distribution from a retirement plan, the 10% early distribution tax does not apply. However, there is a special rule for “qualified public safety employees” in governmental plans, under which age 50 is substituted for age 55 for purposes of this exception from the 10% tax. This exemption applies to public sector firefighters, but not private sector firefighters. The age 50 rule is now extended to private sector firefighters.
Effective for distributions made after the date of enactment of this Act, December 29, 2022.
Applicable plans: 401(a), 401(k) and 403(b) plans (457(b) governmental plans are not subject to the tax).

Repayment of qualified birth or adoption distribution limited to 3 years – A participant who has taken a QBAD (a qualified birth or adoption distribution) may repay that distribution to an eligible retirement plan accepting rollovers during the three-year period beginning on the day after the date on which the QBAD was received.
Effective to distributions made after the date of the enactment of this Act (December 29, 2022) and retroactively to the 3-year period beginning on the day after the date on which such distribution was received.
Applicable plans: 401(a) defined contribution plans, 401(k), 403(b), and governmental 457(b) plans and traditional IRAs

Retroactive first year elective deferrals for sole proprietors – Plans sponsored by sole proprietors or single member LLCs, are now allowed to receive employee contributions up to the date of the employee’s tax return filing date for the initial year.
Effective for plan years beginning after the date of enactment of this Act, December 29, 2022.
Applicable plans: 401(k) plans

Employer may rely on an employee certifying that deemed hardship distribution conditions are met – Under certain circumstances, employees are permitted to self-certify that they have had an event that constitutes a hardship for purposes of taking a hardship withdrawal.
Effective for plan years beginning after December 29, 2022.
Applicable plans: 401(k) and 403(b) plans (hardship withdrawals); governmental 457(b) plans (unforeseeable emergency withdrawals)

Eliminating unnecessary plan requirements related to unenrolled participants – Employers will no longer be required to provide certain intermittent ERISA or Code notices to unenrolled participants who have not elected to participate in a workplace retirement plan. However, to further encourage participation of unenrolled participants, the plan is required to send (1) an annual reminder notice of the participant’s eligibility to participate in the plan and any applicable election deadlines, and (2) any otherwise required document requested at any time by the participant. This rule applies only with respect to an unenrolled participant who received the summary plan description, in connection with initial eligibility under the plan, and any other notices related to eligibility under the plan required to be furnished.
Effective for plan years beginning after December 31, 2022.
Applicable plans: 401(a), 401(k) and 403(b) plans

Elimination of additional tax on corrective distributions of excess IRA contributions – Current law requires a corrective distribution of an excess contribution to an IRA, along with any earnings on the excess contribution. The distribution is subject to the 10% early withdrawal penalty. The new legislation exempts corrective distributions and corresponding earnings from the 10% early withdrawal penalty.
Effective for any determination of, or affecting, liability for taxes, interest or penalties that is made on or after the date of enactment, December 29, 2022.

Distributions to terminally ill participants – Secure 2.0 eliminates the 10% early distribution tax for terminally ill participants. A Physician must certify the participant has a terminal illness reasonably expected to result in death in 7 years. The participant may repay the distribution within 3 years.
Effective for distributions made after the date of enactment of this Act, December 29, 2022.
Applicable plans: 401(a), 401(k) and 403(b) plans

Special rules for use of retirement funds in connection with qualified federally declared disasters – Permanent rules are now provided relating to the use of retirement funds in the case of a federally declared disaster. The permanent rules allow up to $22,000 to be distributed from employer retirement plans or IRAs for affected individuals. Such distributions are not subject to the 10% additional tax and are taken into account as gross income over 3 years. Distributions can be repaid to a tax preferred retirement account. Additionally, amounts distributed prior to the disaster to purchase a home can be recontributed, and an employer is permitted to provide for a larger amount to be borrowed from a plan by affected individuals and for additional time for repayment of plan loans owed by affected individuals.
Effective for disasters occurring on or after January 26, 2021.
Applicable plans: 401(a), 401(k), 403(b), or governmental 457(b) plan or a traditional IRA

Recognition of tribal government domestic relations orders – Tribal courts are added to the list of courts authorized under federal law to issue qualified domestic relations
orders.
Effective to domestic relations orders received by plan administrators after December 31, 2022, including any such order which is submitted for reconsideration after such date.

Cash balance interest crediting rate – For cash balance plans that credit a variable rate of interest, the plan sponsor can assume an interest credit that is a “reasonable” rate of return, provided it does not exceed 6%. This clarification will allow plan sponsors to provide larger pay credits for older and long-tenured workers.
Effective for plan years beginning after December 29, 2022.

SIMPLE and SEP Roth IRAs – Currently, all plans that allow pre-tax employee contributions are permitted to accept Roth contributions except SIMPLE IRAs. Now SIMPLE IRAs are allowed to accept Roth contributions. In addition, employers will be able to offer employees the ability to treat employee and employer SEP contributions as Roth (in whole or in part).
Effective for taxable years beginning after December 31, 2022.

Optional treatment of employer matching or nonelective contributions as Roth Contributions – Under current law, plan sponsors are not permitted to provide employer matching contributions in their 401(k), 403(b), and governmental 457(b) plans on a Roth basis. Matching contributions must be on a pre-tax basis only. The Act now allows defined contribution plans to provide participants with the option of receiving matching contributions and nonelective contributions on a Roth basis.
Effective for contributions made after December 29, 2022.
Applicable plans: 401(k), 403(b) or governmental 457(b) plan

Overall, the goal of this new legislation is to make saving for retirement easier and more accessible while simultaneously tackling issues that may have prevented employees from actively participating in their workplace retirement plan.

Any plan amendments needed as a result of this new legislation must be adopted by December 31, 2025 (or December 31, 2027, for certain governmental and collectively bargained plans), unless an extension is provided by the Department of Labor (DOL) or the Internal Revenue Service (IRS).

RPC is working diligently to change our operations to comply with the mandatory SECURE 2.0 provisions that are effective now, in 2023. However, the IRS and the DOL must provide guidance on how to administer most of these provisions. The IRS is tasked with providing guidance not only for the 2023 provisions, but provisions that are effective in 2024 and thereafter. Employers may want to delay implementation of any optional provisions until further guidance is provided.

We will be providing more information around the SECURE 2.0 Act in the coming weeks.

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Updating Your W-4

The start of the new year is the perfect time to review your tax withholding and make changes if necessary.

LOOK AT THE PAST

Start by looking at your 2021 tax return. Did you receive a large refund, or did you have to write a hefty check? In either case, it may indicate your paycheck withholding is out of sync with your tax reality.

LOOK TO THE FUTURE

Looking to 2023, do you expect to have any life changes? For example, do you plan to get married or have a child? Are you planning to start a side business? Will you need to begin caring for aging parents? Life changes can impact your 2023 tax liability.

MAKE CHANGES

The IRS offers a Tax Withholding Estimator that may help you determine if you need to withhold more or less from each paycheck: https://www.irs.gov/individuals/tax-withholding-estimator. If you believe you need to make changes to your tax withholding, speak with your tax professional to understand what you should change. You can request a blank Form W-4 from your payroll department or the IRS.gov website.

source: https://e.clientlinenewsletter.com/mcmillcpasandadvisors

Get Ready For Tax Time

The new year means it’s time to make your resolutions. But it also means another tax season is here. Take time in January to get organized to make tax filing smooth for you and your tax professional.

ORGANIZE YOUR FORMS

You’ll receive the bulk of your tax forms by January 31. But if you believe you’re missing one, contact the appropriate company to request a copy.

BUNDLE IT UP

Along with tax forms, you’ll want to get other financial documents and information together before meeting with your tax professional. Consider if you have:

  • Business financial statements
  • Names, dates of birth, and Social Security numbers for any new dependents
  • Educational expenses
  • Child care
  • Gifts received or given
  • Retirement plan contributions
  • Severance pay
  • Foreign assets
  • Rental income
  • Medical expenses
  • Estimated payments in 2022

Most tax professionals will provide you with their tax organizer that will walk you through all tax areas that may apply to you, so you don’t overlook anything.

source: https://e.clientlinenewsletter.com/mcmillcpasandadvisors

Taxes in Retirement

With Social Security benefit payments increasing nearly 9% this year, you may need to rethink your retirement tax planning.

INCOME MATTERS

If you started working part-time to offset some of the recent price inflation, this increase in your Social Security payments might make some or more of it subject to federal income taxes. If you file as an individual and your combined income is between $25,000 and $34,000, up to half of your benefit may be subject to income taxes. Social Security defines combined income as your adjusted gross income, plus nontaxable interest, plus one-half of your Social Security benefit.

CONSIDER A REDUCTION

With the possibility of being in a higher tax bracket this year, due to increased Social Security benefits, consider cutting back on withdrawals from your qualified retirement plans. If you can avoid taking more than your required minimum distribution (RMD) in 2023, you might be able to limit your tax liability.

If you need more than your RMD, consider pulling funds from a taxable brokerage account where you’ll pay the lower long-term capital gains rates if you held investments for more than a year.

Also consider qualified withdrawals from a Roth IRA, a Roth 401(k), or a health savings account (HSA), which would not be subject to federal income tax and wouldn’t have an impact on how your Social Security benefit is taxed.

This year’s cost of living adjustment can help you keep up with higher prices. And in the short run, managing your withdrawals may help you smooth out the tax bumps during a period of high inflation.

Figuring out withdrawals from retirement and brokerage accounts can be complicated, so it may help to work with an advisor. But even if you do it yourself, try to withdraw from your Roth and HSA accounts last, allowing those assets to grow tax-free longer. Withdrawals from all three types of accounts in the same year can help manage combined taxable income.

source: https://e.clientlinenewsletter.com/mcmillcpasandadvisors

Christmas in July!

Last month, we held a 🎄“Christmas in July”🎄 toy drive and challenged our staff to collect as many toys as we could for pediatric patients at Faith Regional. The generosity of our employees and their families was clearly displayed as we were able to donate over 300 toys! Thanks to our employees and their families for supporting the community that we love! 🥰 We hope this will brighten the day for many young patients! 🧸🪀

BE A TRUE PARTNER: ADD VALUE & CHARGE WHAT YOU’RE WORTH

Tom Pohlen | Retirement Plan Consultants | West Coast Regional Director

The National Association of Plan Advisors (NAPA) website shares several articles discussing topics of importance to retirement plan advisors. As expected, there are a few articles about advisor fees (5 in the last 12 months alone). Titles such as “401(k) Plan Fees Continue Downward Trend,” “What’s a Reasonable Fee,” and “A Roadmap to Avoiding the ‘Race to the Bottom’” do not sound like articles that that inspire an advisor to read further. It’s not the authors’ fault for a reduced interest in retirement plan advising; they are simply stating the current attitude of the industry. The challenge to you, a wealth advisor servicing retirement plans, is to change the paradigm. This always starts with “why.”

So why do “plan fees continue a downward trend” or are we on a “race to the bottom?” There are a few reasons why, some of which are in your control and some are not. Those not in your control include:

  • – Fee compression (competition among service providers and more technology)
  • – Past and pending litigation

There will always be a need for the correct service both in individual and retirement plan advising. Generalists are everywhere, but specialists are what truly good clients want and need. Which begs two questions: 1) To your plan sponsor/administrator, “What are you wanting from a retirement plan advisor?” and 2) For yourself “What does this business owner need from me?” This last question is where your value comes into play.

To address the first question, advisors need to have an offering that is tailored to the plan sponsor/administrator’s perceptive needs. Ultimately, wealth advisors and plan sponsors need to understand whatever is agreed upon is the expectation. If the business owner expects a general education meeting in person, one-on-one meetings, and a summary of the plan at the end of the year, you need to deliver it. That will keep you in the driver’s seat to being a successful retirement plan advisor, but your offering also needs to have a differentiator that allows you to charge fees that you are wanting to charge, and set you apart from other advisors.

The question of “what does the business owner need from me” is something that takes critical thought. Most of the time, business owners don’t know exactly what they need. Beyond basic service, ask follow up questions like, “How long do you plan on staying in operation?” “What has your last three years’ Profit and Loss looked like?” and “do you have plans of expansion through Mergers and Acquisitions or building out additional arms of your business?” The answers to those questions can give you openings as to whether other options (ESOP, cash balance, non-qualified, etc.) makes sense as well as how to formally structure a defined contribution retirement plan (401(k)) to benefit the business owner, knowing that expansion could be on the horizon. If you can establish expertise that adds value different than what others are doing, you have a relationship for life.

Retirement Plan Consultants encourages these conversations. Whether you are using us as sounding board or looking for a partner to help you drive that conversation, we want to help put you in the best position to succeed. Give us a call at 877-800-1114, and ask to speak to the Regional Director in your area.

WHAT’S THE DEAL WITH THESE STATE-SPONSORED RETIREMENT PLAN PROGRAMS?

Rickie Taylor | East Coast Regional Director

In my Jerry Seinfeld voice, “What’s the deal with these state-sponsored retirement plan programs?”

When the state program was announced I had a lot of questions and I’m sure many of you have similar thoughts and questions.  We are here to be a resource and help guide to a more efficient retirement plan experience.  There are FIVE questions that have been consistently asked that I will share in this article, which focuses on WHY you should and would want to give serious thought to NOT having your business owner clients opt into the state-sponsored retirement plan program. 

First Question:  What is this state-sponsored retirement plan program?

The average retiree in the United States receives $1,200 per month in Social Security income. For quite some time, the question has been, “Will Social Security be available in the not-so-distant future?”  Well, I’ll tell you, our legislators are certainly paying attention to that very question.  Our retirees are struggling to make ends meet with the lack of adequate retirement savings.  With this in mind, it was suggested states create a state-sponsored retirement program which varies from state to state, based on number of employees, tenure of the business and a few other variables like:

Is the business for profit or non-profit?

Does the business have a retirement plan in place now?

Does it offer their employees the ability to participate?

Second Question:  Who controls the state-sponsored retirement plan program?

Each state is responsible for their own state-sponsored retirement programs.  This is very important as you research the viability and ability of your own state’s pension plan.  Here in NJ, the state’s pension fund has been a major topic of discussion considering the massive shortfall in funding over the many years it has been existence.

One of the key points that I want to address is being sure to think about who you want to administer your retirement plan.  Of course, I am not here to bash any states fiscal department, but I think it goes a long way to state it might make more sense to work with a company that specializes in retirement plans as opposed to being told who to work with.

Third Question:  How can the state-sponsored retirement plan program help me as a business owner?

Any retirement plan should help the business owner by providing a plan that helps to reduce business taxes.  It should also provide a solid contribution to the owner and employees as part of the overall financial plan and be used as an employee retention tool. 

Fourth Question:  What are the features of the New Jersey state-sponsored retirement plan program?

  • Employers cannot match employee contributions
  • Participants may not borrow from their savings
  • The maximum contribution limit for employees 50 and older is $7,000
  • Plans are portable if employees change jobs

Although these features are designed to be minimal, I believe they are missing the mark in terms of how effective a retirement plan can be.  Most retirement plans provide flexibility in allowing a discretionary match and or a non-elective contribution.  This helps to provide maximum contributions to the participants. 

In addition to non-elective contributions, loans are NOT allowed.  Typically, the retirement plan serves as a great financial remedy tool when the unexpected happens.  Of course, the retirement plan should be the last resort, but at least it is there if needed.

The $6,000/$7,000 limit is less than half of what can be contributed by a participant in a 401k plan.  Isn’t it nice to know you could contribute more if you had the ability to do so?

In summary, when evaluating a state program compared to a 40(k) plan make sure you evaluate contribution limits, customized plan features, service model and flexibility of the provider.

Fifth Question:  What happens if I do NOTHING?

Employers may incur a penalty if they do not comply with the Program.  In the first calendar year, if the employer does not comply with the Program, the employer will receive a written warning from the State of New Jersey.  If an employer does not comply with the Program for a second year, the employer may be fined $100 for each employee who is not enrolled in the plan and has not opted-out.  If an employer does not comply with the Program for a third and fourth year, the employer will be fined $250 for each employee who is not enrolled and has not opted-out.  If an employer still does not comply with the Program by the fifth year or any subsequent year, the employer may be subject to a $500 per employee fine for each employee who is not enrolled in the Program but has not opted- out of the Program.

Employers that collect employee contributions, but do not deposit the contributions to the Program will be subject to a penalty of $2500 for the first offense, and $5000 for each subsequent offense.

These state mandated retirement plan programs can certainly serve a purpose.  My suggestion is to really look what the state program is offering and all that you could be leaving on the table if you are not working with a dedicated company solely focused on retirement plan consultation, design, and service.

We are joining forces with Integrity Marketing Group!

DALLAS – SEPTEMBER 28, 2021 – Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired WealthFirm, a wealth management and retirement planning firm headquartered in Nebraska. As part of the acquisition, Nancy Brozek and Jared Faltys, Co-CEOs of WealthFirm, will become Managing Partners in Integrity. Financial terms of the transaction were not disclosed.

WealthFirm began as a CPA firm in 1948 serving clients in the Midwest. Building on decades of relationships and trust, many clients began turning to their WealthFirm advisors for advice on financial decisions such as wealth management, estate planning and retirement options. In 1997, WealthFirm created Wealth Management LLC, a registered investment advisor (“RIA”), to give their advisors the systems and support to provide clients complete financial well-being solutions. The company then added Retirement Plan Consultants LLC, an advisory resource to help clients create a financially secure retirement in 2008. Today, WealthFirm serves clients through advisors across the United States with almost $3.5 billion in assets under management and advisement across the two entities.

“As Americans age, we believe two of their greatest concerns are their health and their wealth,” explained Bryan W. Adams, Co-Founder and CEO of Integrity Marketing Group. “WealthFirm has earned an incredible reputation for being a service-oriented business. By coming alongside them as a partner, Integrity will give them more resources, technology and tools to better serve their advisors and help more Americans. Integrity is committed to innovating for our clients. By adding the wealth management and retirement solution offerings of WealthFirm, we are fulfilling that mission better than ever.”

“Americans look to their trusted advisors to help create solutions when making some of life’s biggest decisions,” said Jared Faltys, Co-CEO of WealthFirm. “By combining our expertise and relationships with Integrity’s end-to-end platform, we can help more people feel secure about the future of their finances and healthcare. At WealthFirm, we’ve always tried to stay ahead of the industry and we immediately recognized that Integrity brings that same commitment to insurance. We’ve created a synergistic partnership that will help countless more Americans today — and benefit them for generations to come.”

Adding WealthFirm’s capabilities to Integrity’s fast-growing partner network illustrates Integrity’s innovation and leadership across every aspect of insurance. Integrity’s prestigious network of legends and trailblazers includes companies such as CSG Actuarial, ThomasARTS, Deft Research, Access Capital, Brokers International and Insurance Administrative Solutions’ third-party administrator, as well as leading call centers Connexion Point, SeniorCare Benefits and Unified Health.

“The best partnerships benefit everyone, while building something stronger together,” said Nancy Brozek, Co-CEO of WealthFirm. “By uniting our companies’ strengths, WealthFirm offers Integrity agents the opportunity to dramatically increase their offerings beyond insurance. Our advisors benefit from Integrity’s world-class marketing resources and innovative technology available only to partners. Together, we’re poised for enormous growth and we’re excited to open this new direction together.”

WealthFirm will enhance its existing processes by utilizing Integrity’s comprehensive technology platform, with resources such as product development, data and analytics, and a leading advertising and marketing firm. The partnership also offers WealthFirm the opportunity to centralize business functions through Integrity’s shared services, including IT, human resources, legal, compliance, accounting as well as technology and innovation.

In addition, WealthFirm employees now gain meaningful company ownership through Integrity’s Employee Ownership Plan.

“At Integrity, we’re all about relationships,” shared Steve Young, Board Chairman of Integrity. “This partnership allows us to provide better support to WealthFirm’s advisors, while also helping Integrity agents to strengthen the product offerings they can provide clients. Additionally, this partnership will greatly benefit WealthFirm employees. Giving employees meaningful ownership in Integrity through the Employee Ownership Plan shows Integrity’s investment in their strongest resource — their people.”

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About Integrity Marketing Group 

Integrity Marketing Group, headquartered in Dallas, Texas, is the leading independent distributor of life and health insurance products focused on meeting Americans wherever they are — in person, over the phone and online. Integrity is innovating insurance by developing cutting-edge technology designed to simplify and streamline the healthcare experience for everyone. In addition, Integrity develops exclusive products with insurance carrier partners and markets these products through its distribution network that includes other large insurance agencies throughout the country. Integrity’s almost 5,500 employees work with over 420,000 independent agents who service more than nine million clients annually. In 2021, Integrity expects to help insurance carriers place over $7 billion in new sales.

About WealthFirm

WealthFirm is a family of financial experts headquartered in Norfolk, Nebraska. WealthFirm is the combination of Wealth Management LLC (“WM”) and Retirement Plan Consultants (“RPC”). Each brand of the family is dedicated to improving efficiency, simplicity and effectiveness of financial solutions for businesses, individuals and their families. WM partners with professionals nationwide, empowering them to offer financial guidance to their clients. They believe in low cost, full fee disclosure and maintaining global diversification. WM operates as a partner, assisting professionals to become advisors with one-on-one coaching and by assisting with the back-office and compliance issues so they can remain focused on their relationship with their clients. RPC focuses on simplifying the retirement plan experience by offering customized, people-focused plan solutions. They provide back-office services, including access to custodians, reporting and analytics, trade support, asset allocation and rebalancing. RPC currently serves over 1,800 plans and 17,500 participants. The WealthFirm family is devoted to treating everyone they work with like family. For more information, visit www.wealthfirm.info.