NFDA Forms Endorsed-provider Partnership with Director?s Select Retirement PlanThe National Funeral Directors Association (NFDA) recently entered into an endorsed-provider partnership with Director?s Select Retirement Plan (DSRP), a program that allows funeral home owners to offer employees a 401(k) retirement plan as an employee benefit. This new NFDA member benefit will give every funeral home, regardless of size, the opportunity to build a competitive, low-fee, high-performing retirement plan that typically has been available only to larger employers.
The DSRP, administered by Milliman, was created by funeral directors for funeral directors. The plan allows funeral home owners to design a custom plan that will meet the needs of their employees and their business. With Charles Schwab as the trustee, DSRP offers a wide-range of high-performing mutual fund investment options to plan participants.
Funeral homes that elect to offer DSRP to their employees will benefit from the plan?s low fees, ease of administration and tax-savings. DSRP also can help funeral home owners improve their employee recruitment and retention.
According to a Society for Human Resources Management whitepaper, written by Dorothy Calhoon: ?The most popular employee benefit of the last decade is the 401(k) program. Medium- and large-sized employers [lead] the way, but the popularity of 401(k) plans is now growing among smaller employers. 401(k) programs [enjoy] participation rates in the mid-70 percent range; employers without them may be at a disadvantage in attracting and retaining employees.?
Employees who participate in the plan will benefit from being able to save for their retirement by growing their money in a tax-deferred investment account. They will be able to select an investment portfolio based on their risk tolerance and financial goals. As the plan administrator, Milliman offers participants access to their accounts 24 hours per day via the Internet. The Website offers many different tools to guide participants through the process of enrolling in the plan, changing investments, naming beneficiaries and more. Milliman also offers access to benefit service representatives who are available by phone to answer questions participants might have about their account.
Milliman has been providing retirement plan services since 1947 and is presently the world?s seventh largest employee benefit outsourcing firm, serving more than 3,000 clients from more than 52 offices worldwide.
Funeral home owners, managers or human resources staff interested in more information about DSRP may visit www.dsrpplan.com or call Don K. Williams at 877-810-DSRP (3777).