Introduced in the fall of 2011, the ICBM Multi-Employer Retirement Plan is offered to both Community Bank and Associate Members. The plan is powered by Fringe Benefits Design of MN, Inc. which has been providing services to multiple employer programs since the early 1990s.
The ICBM retirement plan is truly a community banking approach to your 401(k). In partnership with Fringe Benefit Design – a company we selected for its cost structure, approach to investments, and its business philosophy – our retirement plan is truly the best option for community banks in Minnesota.
We bring you:
Cost Savings: By spreading the expenses associated with 401k administration ICBM members greatly reduce the fees associated with retirement plans. The average bank experienced initial cost savings of 30% on their plan-related fees. Member bank savings have continued to increase as more members participate.
Size and Scale: Since the program’s release six years ago, it has gained significant traction with our members. There are currently 40 participating member banks and more than $120,000,000 in total plan assets.
Reduced Fiduciary Liability: Plan sponsors have a legal obligation to their participants to ensure they have access to both a wide range of investment categories and strong money managers for investment categories. Our program assists community banks with plan design and implementation, ongoing monitoring and communication, and managing their overall fiduciary responsibilities. We take a proactive approach to change dynamics within your plan. Additionally, each participating bank receives their own Investment Policy Statement, and monthly performance reports.
Oversite provided by your peers: The ICBM program maintains an investment committee comprised of Executives from participants. The committee of your peers reviews all available investments on a semi-annual basis to ensure they remain some of the strongest funds in their respective categories.
Other benefits include: Transparent environment for non-revenue investments, plan sponsor support, directed trustee service, plan customization, investment flexibility, education, and technology and online tools.
Consider inviting us in for a complimentary comparative analysis of your existing plan. The U.S. Department of Labor considers comparative analysis with competing options a prudent practice for plan fiduciaries.
Want to ask a peer about their experience? Contact Greg McCurry at firstname.lastname@example.org and we’ll get a call setup for you.
Looking to develop your employee benefit plans but not sure where to turn? Need help designing an employee benefits package that can attract and retain quality employees? Let us help guide you with our Consulting services provided by Armbruster Employee Benefits. Any organization can develop with small incremental changes, but building for the future in today’s rapidly evolving business environment means taking bold chances and making insightful decisions.
We can offer help with insurance provided through all major health care providers in MN.
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