Employee Retirement Plans

Business Wealth Management

A Better State of Retirement

Do you rely on your bank for checking, lending, and cash management services, but look to a third party for your employee retirement plan? 

Lake Ridge Bank can be your go-to source for a full range of financial services, including those that are essential for managing a successful 401(k) plan. We bring together all the right expertise for managing your organization’s retirement benefits, affording you more time to focus on managing your business.

Think of Lake Ridge Bank as the quarterback for your 401(k) plan. We assemble the specialized resources of a full team of experts to design, manage, and monitor your plan, as well as service your participants. Not only can shifting the day-to-day (and not so day-to-day) operations of your plan to us minimize your risks and responsibilities, it can also maximize the benefits for your employees. Here’s a quick look at how we can provide comprehensive support for your retirement plan.

 

Your Team of Retirement Specialists

Lake Ridge Bank acts as 3(38) Fiduciary and Discretionary Trustee, making all investment decisions and limiting your liability. 

Transamerica, one of the largest plan providers in the U.S., is the recordkeeper for your plan. They provide solutions for all-size employees and continue to focus on improving retirement readiness/outcomes.

PPG, one of the largest, most well-respected TPAs in Wisconsin, is your third party administrator. They provide plan designs, support, testing, and compliance.

Together, we facilitate a seamless experience for you and your employee 401K Plans.

Key Benefits of Our Approach

 

Alleviate your fiduciary liability

When you partner with Lake Ridge Bank for your 401(k), we’ll serve as the discretionary trustee and 3(38) fiduciary for your plan. That means we’ll be acting on your behalf to manage your plan’s assets and investment offerings. 

As your fiduciary, we’ll shoulder the responsibility of selecting, managing, and monitoring the plan’s fund choices. In turn, that relieves you of any potential liability that can arise from fund selection, ERISA compliance, and overseeing plan partners and activities. 

Enhance your employees’ experience

From onboarding your plan to supporting your employees, we tap the expertise of a market leader* for retirement plan solutions — Transamerica. As a best-in-class* recordkeeper for your plan, Transamerica provides a comprehensive package of services that can help your employees save and invest wisely for retirement and beyond. 

Highlighted below are just a few of the many resources Transamerica offers to help your employees save for a secure retirement.

  • Your Retirement Outlook®. Using intuitive weather icons, this tool provides participants with a real-time forecast of their retirement strategy. Participants can then take action to improve their projected retirement readiness.
  • Easy-to-navigate participant website. Participants have 24/7 access to their account information, as well as the ability to update personal information, review retirement forecasts, and monitor progress toward retirement savings goals.
  • PortfolioXpress®. To make it easier for your employees to manage their retirement savings, Transamerica offers a free, automatic asset allocation and rebalancing service that uses core investments to customize model portfolios based on participants’ risk tolerance and target retirement age.

Free yourself of plan administration

For your plan, we also leverage the administrative strengths of PPG Retirement Services, one of the largest third-party administrators (TPAs) in Wisconsin. They’ll manage all the administrative duties of your 401(k) plan, including:

  • Plan design. They’ll help define eligibility for participating in your plan, vesting schedules, contribution and matching rules, loan provisions, and other key plan details.
  • Compliance services. PPG will also handle all mandatory testing and reporting requirements.
  • Plan contributions. They’ll work closely with your payroll administrators to streamline plan contributions.

Broad Capabilities with a Personalized Approach

Because we’ve built our bank one relationship at a time in the communities where we live and work, we can offer more local, personalized service than other retirement plan providers. Whatever financial services you turn to us for, you’ll benefit from access to:
  • Fast, local decision-making and a collaborative team of specialists personally committed to your organization’s success for years to come
  • Professionals with extensive training, skills, credentials, and 300+ years’ combined experience
  • Our willingness to work with your advisors and accountants, along with our trustee services
  • A unique ability to leverage a full suite of wealth management services to provide a more holistic financial strategy for your business

* “2020 Recordkeeping Survey,” PLANSPONSOR, July 2020.

Important: The projections or other information generated by the engine (which produces Your Retirement Outlook®)  regarding the likelihood of various investment outcomes are hypothetical, do not reflect actual investment results, and do not guarantee future results. Results derived from the tool may vary with each use and over time. Please visit your plan website  for more information regarding the criteria and methodology used, the engine’s limitations and key assumptions, and other  important information.


Securities offered through Transamerica Investors Securities Corporation (TISC), member FINRA, 440 Mamaroneck Avenue,  Harrison, NY 10528. Transamerica is not affiliated with Lake Ridge Bank.

PortfolioXpress® is a registered service mark of Transamerica. PortfolioXpress® is available to plans that have online enrollment at no additional cost, although the fees of the underlying investment choices continue to apply. PortfolioXpress® presents a series of asset allocation models up to and through a designated retirement year. The participant is solely responsible for selecting the retirement  year and risk preference (if applicable). By subscribing to the service, the participant agrees to each of the asset allocation mixes  and each of the automated rebalancing transactions that will take place over time within the account as the participant approaches  a selected retirement year. If participants sign up, they should carefully review the service agreement for details on any applicable  fees and other terms and conditions that may apply. Although the PortfolioXpress® service is offered at no additional cost, participants will continue to bear the fees of the underlying funds in which the account is invested. PortfolioXpress® is designed as investment education. Transamerica or its affiliates do not provide investment advice to PortfolioXpress® nor does Transamerica act as a plan fiduciary. Retirement date portfolios are subject to the same risks as the underlying asset classes in which they invest. The higher  the portfolio’s allocation to stocks generally the greater the risk. The principal value of the portfolio is never guaranteed, including  at and after the target date. Diversification does not guarantee against loss in a falling market.