THE SWIFT 401(K)
The Swift 401(k) plan is a low cost turnkey 401(k) solution that aims to mitigate fiduciary liability, reduce administrative costs, and improve participant outcomes.
LESS WORKWe integrate your 401k plan with your payroll account to automate contribution processing and make plan administration easier.
LOWER COSTThe Swift 401(k) uses low cost, investment options. Lower investment fees can boost growth for your employees.
LESS LIABILITYFiduciary Wise, LLC is the limited scope ERISA 402 named fiduciary and limited scope ERISA 3(16 plan administrator.
The Swift 401(k) plan uses the Multiple Employer Plan (MEP) structure.
A multiple employer plan (MEP) is a 401(k) plan established under 413(c) of the Internal Revenue Code that allows multiple unaffiliated employers to adopt into a retirement plan that is sponsored by a third party who bears the responsibility of administering the plan.
PLAN FIDUCIARY & TRUSTEEFiduciary Wise, LLC is the fiduciary and trustee of the Swift 401(k) plan. As fiduciary and trustee they provide fiduciary governance oversight for the management, investments and administration of the plan.
PLAN ADMINISTRATOR & RECORDKEEPERFuture Benefits of America is the plan administrator and recordkeeper of the Swift 401(k). FBA processes payroll data, tracks participant eligibility and produces both online and paper statements for participants and employers. FBA is also responsible for the plan testing and the preparation of form 5500 for each adopting employer.
PLAN INVESTMENT MANAGERBell Rock Capital, LLC is an SEC-registered investment adviser and serves as the 3(38) investment manager of the Swift 401(k) plan. Bell Rock is responsible for the investment policy statement and monitoring of the investment options offered within the plan.
PLAN CUSTODIANMid Atlantic Trust Company is the custodian of the plan assets in the Swift 401(k) plan and responsible for making all transactions for the plan. Mid Atlantic has over $50 billion in assets under custody and administration.
PLAN LEGAL ARCHITECTThe legal construction of the Swift 401(k) plan was guided by The Wagner Law Group and its managing director, Ms. Marcia Wagner. Ms. Wagner is a national leader in ERISA and employee benefits law and is consistently voted one of the 100 most influential persons in the 401(k) world by 401kWire.
PLAN ADVISERThe Swift 401(k) Plan is advisor friendly. You are free to work with any advisor you feel comfortable with or we can recommend an advisor.
Adopting employers in the Swift 401(k) can mitigate their responsibilities by outsourcing nearly all plan functions to the MEP providers and trustee.
Duties Fulfilled By MEP Providers and Trustee
3(21) Fiduciary Liability: Hiring/Firing/Reviewing Service Providers
3(38) Fiduciary Liability: Investment Management/Fund Selection
Create and maintain the formal plan document
Name a Trustee
Form committee to review, monitor, hire & fire service providers
Provide annual Summary Plan Description to participants
Maintain beneficiary forms
Provide educational materials
Monitor participation eligibility for employees
Generate and distribute participant statements
Perform compliance testing (ADP Test, Tope Heavy, 410(b))
Execute and collect participant loans
Administer hardship withdrawals
Handle Qualified Domestic Relations Orders (QDRO’s)
Determine and administer required minimum distributions
Handle terminations, rollovers in, and rollovers out of the plan
Issue 1099’s for distributions to participants
Periodically review/remove/replace investment lineup members
Prepare form 5500
Sign and electronically file form 5500
Duties Fulfilled by Employer
Obtain ERISA/Fidelity bond
Select auditor for annual plan audit (Applicable if adopting employer has over 100 plan participants)
Upload contribution file after each payroll
Participants can choose from the following investment options to build their own diversified retirement portfolio.
|Peer Group||Name||Ticker||Expense Ratio|
|Money Market||Vanguard Prime Money Market Inv||VMMXX||.16|
|Ultrashort Bond||Federated Ultrashort Bond Institutional||FULIX||.37|
|Short Term Bond||iShares 1-3 Years Credit Bond||CSJ||.20|
|Inflation Protection Bonds||Schwab U.S. TIPS ETF||SCHP||.07|
|Intermediate Term Bond||JPMorgan Core Plus Bond R6||JCPUX||.41|
|Long Government Bond||iShares 20+ Year Treasury Bond||TLT||.15|
|Corporate Bond||Vanguard Intermediate Term Corp Bond ETF||VCIT||.12|
|World Bond||PowerShares International Corp Bond ETF||PICB||.50|
|High Yield Bond||Lord Abbett Bond-Debenture I||LBNYX||.62|
|Large Cap Value Stocks||Vanguard Value ETF||VTV||.09|
|Large Cap Blend Stocks||Vanguard S&P 500 ETF||VOO||.05|
|U.S. Total Stock Market||Vanguard U.S. Total Stock Market Index ETF||VTI||.05|
|Large Cap Growth||PowerShares QQQ ETF||QQQ||.20|
|Mid Cap Value||Vanguard Mid Cap Value ETF||VOE||.09|
|Mid Cap Growth||iShares Russell Mid Cap Growth||IWP||.25|
|Small Cap Value||Vanguard Small Cap Value ETF||VBR||.09|
|Small Cap Growth||Vanguard Small Cap Growth ETF||VBX||.09|
|World Stock||DFA Global Equity I||DGEIX||.31|
|Europe Stock||WisdomTree Europe Small Cap Dividend ETF||DFE||.16|
|Foreign Large Blend||Vanguard FTSE Developed Markets ETF||VEA||.09|
|Foreign Small/Mid Value||WisdomTree International Small Cap Div ETF||DLS||.58|
|Emerging Markets||Vanguard FTSE Emerging Markets ETF||VWO||.09|
|Real Estate||Schwab US REIT ETF||SCHH||.07|
|Consumer Defensive||Guggenheim S&P 500 Equal Weight Consumer Staples||RHS||.40|
|Natural Resources||Materials Select Sector SPDR ETF||XLB||.14|
|Technology||PowerShares NASDAQ Internet ETF||PNQI||.60|
|Financial||SPDR S&P Regional Banking ETF||KRE||.35|
|Consumer Cyclical||Vanguard Consumer Discretionary ETF||VCR||.12|
|Health||PowerShares Dynamic Pharmaceuticals ETF||PJP||.56|
|Industrials||iShares US Aerospace & Defense||ITA||.43|
Vanguard Target Retirement Funds
Participants can choose from the following target retirement funds for a more hands off approach. Each of the Target Retirement Funds invests in Vanguard’s broadest index funds, giving you access to thousands of U.S. and international stocks and bonds, including exposure to the major market sectors.
|Peer Group||Name||Ticker||Expense Ratio|
|Target Date 2015||Vanguard Target Retirement 2015 Fund||VTXVX||.16|
|Target Date 2020||Vanguard Target Retirement 2020 Fund||VTWNX||.16|
|Target Date 2025||Vanguard Target Retirement 2025 Fund||VTTVX||.17|
|Target Date 2030||Vanguard Target Retirement 2030 Fund||VTHRX||.17|
|Target Date 2035||Vanguard Target Retirement 2035 Fund||VTTHX||.18|
|Target Date 2040||Vanguard Target Retirement 2040 Fund||VFORX||.18|
|Target Date 2045||Vanguard Target Retirement 2045 Fund||VTIVX||.18|
|Target Date 2050||Vanguard Target Retirement 2050 Fund||VFIFX||.18|
|Target Date 2055||Vanguard Target Retirement 2055 Fund||VFFVX||.18|
Professionally Managed Portfolios
Let a professional manage your investments. The investment choices below are asset allocation portfolios that have been constructed by the investment manager of the Swift 401(k), Bell Rock Capital, LLC. The models are actively managed and rebalanced to maintain the portfolio’s risk/reward characteristics.
Bell Rock serves as the plan’s ERISA 3(38) or 3(21) and is responsible for the oversight and approval of Investment Selection. Bell Rock is a national firm which provides advisory services to plans and banking institutions on investment holdings. Disclosures.
|Peer Group||Name||Expense Ratio|
|Conservative Allocation||BRC Capital Preservation Portfolio||.68|
|Conservative Allocation||BRC Conservative Portfolio||.75|
|Moderate Allocation||BRC Balanced Portfolio||.73|
|Moderate Allocation||BRC Moderate Portfolio||.77|
|Aggressive Allocation||BRC Aggresive Portfolio||.78|