Financial Services - 401k
When it comes to investing for retirement, IMANA members often have goals and objectives that are broader than the typical retirement plan investor. These professionals are interested in having a flexible program that caters to the diverse investment needs of staff, while providing Muslim investors with solutions that are consistent with their faith. We are pleased to announce IMANA Member Services – a new retirement program that has been custom built for IMANA and its members.
Experience the Benefits of a Multiple Employer Plan
The IMANA Retirement Services program is offered as a Multiple Employer Plan (MEP). By pooling the assets of multiple employers, and leveraging the efforts of a single Investment Review Committee, the MET provides for more efficient purchasing of assets, more efficient administration, and reduced liability for each participating employer. This gives small plans – even those with under $1 million in assets – access to no-load mutual funds and collective funds typically only available to much larger plans.
Support the Philanthropic Efforts of IMANA
IMANA will have a role in the ongoing structure and support of the program. In exchange for this effort, the program partners agree to make contributions to IMANA to support ongoing philanthropic efforts. The entire arrangement will be fully disclosed in proposals to plan sponsors.
Compelling Structural Advantages
BPAS is highly unique in that it provides administration, mutual fund clearing and agent-to-trustee services under one roof (through the legal authority of sister company HB&T). Having a single firm as your provider ensures simplicity and accountability in service delivery.
Transparent Environment of No-load Funds
In sharp contrast to many insurance-based programs, our program uses no variable annuities or separate account investments. This means that all fund prices match the newspaper and are “known quantity” investments. This ensures low overall costs with full disclosure of fees. It also ensures that your plan complies with the new 408(b)(2)fee disclosure regulations.
Simplifying Life for Human Resources
Unlike most competitors, we deliver comprehensive administration in lieu of “record keeping”. We receive a complete census file from clients each pay period covering all employees, as well as year-to-date hours and compensation. Receiving this complete data table allows us to simplify life for Human Resources in a variety of ways. We monitor and determine eligibility, scrub incoming files for a variety of edit checks, update vesting on a real-time basis, offer a dramatically simplified year-end testing process. This approach is music to the ears of HR professionals.
Carefully Constructed Menu of Investments
One of the main focuses of our program is the two Shariah-compliant funds that are offered, the Amana Income Fund and the Mizan All Equity Fund. These investments coupled with the carefully selected best in class investments by the Investment Committee, span the major asset classes and provide broad diversification for plan participants. The result is a flexible solution that will cater to the needs of all participants, regardless of faith.
Strong Expertise with Professional Practices
Medical practices often have specialized needs and objectives as it relates to their retirement plan. BPAS has full proficiency in cross-tested and safe harbor plan designs, and offers full support of traditional defined benefit and cash balance plans for firms with strong cash flow who seek even larger tax-deferred contribution opportunities. Unlike many other providers, BPAS does not partner with multiple vendors for the delivery of services. Defined contribution administration, actuarial services, asset custody and directed trustee services are all offered through BPAS.
Quality Investment Advisory Services
Our program office helps plan sponsors with plan design and implementation, ongoing monitoring and communication, and managing their overall fiduciary responsibilities. We take a proactive approach to changing dynamics within your plan.
The Latest Technology Features
Our program offers features such as personalized rates of return, automatic account rebalancing, online fact sheets and prospectuses, a self-directed brokerage account option, an online “file cabinet” for participant and plan sponsor reports, and much more. New features continue to be rolled out over time to keep our program on the leading edge of the marketplace.
Educational Tools and Resources
We know that employees only become truly engaged in their retirement journey when education needs are handled properly. The IMANA Member Services program features a wide array of educational content to help participants make sound investment decisions and keep a long-term perspective on their journey to retirement.