The local service component of the POAM endorsed retirement programs is provided by Retirement Plan Advisors (RPA). RPA is an independent, federally registered investment advisor specializing in providing financial education, on-site enrollment service and personalized investment advice to public sector employees, in particular, public safety personnel.
For additional information, please click on one of the links below or to schedule an appointment, please contact RPA’s Michigan State Director Mark Mitchell, CFP®, at (734) 421-2212 or email POAMHRA@retirementplanadvisors.com.
Healthcare Reimbursement Account (HRA)
457 Deferred Compensation Plans
401(a) Defined Contribution Plans
Healthcare Reimbursement Account (HRA)
One of the biggest challenges facing retirees today is the rising cost of health care. The Security Benefit Group Healthcare Reimbursement AccountSM (HRA) program was designed to help pre-fund retiree health expenses. The program allows public sector employers to make contributions on behalf of employees to offset out-of-pocket insurance and health care costs during retirement. All dollars invested accumulate tax-free and distributions are also tax-free when used for qualified medical expenses for employees and their dependents.
The program can be funded through several different sources including ongoing employer contributions, conversion of accumulated sick and/or vacation time (annually or at retirement) and early retirement incentives.
If you currently pay a portion of your retiree health insurance premium, The Security Benefit Group Healthcare Reimbursement AccountSM is a great way to pre-fund the cost of your premiums with tax-free dollars!
For more information click Program Summary or Introduction to POAM Endorsed Retirement Benefits or Contact Us.
457 Deferred Compensation Plans
457 deferred compensation plans are a voluntary supplement to your traditional defined benefit or defined contribution retirement plans. By participating in a 457 plan, you are able to accumulate dollars on a tax-advantaged basis, helping secure a more comfortable retirement. Many (hopefully most!) POAM members are already participating in a 457 plan with a growing retirement nest egg.
Unfortunately, many of the 457 deferred compensation plans offered in Michigan have seen the customer service model move away from local on-site service toward 800 numbers and internet sites. As a result, you have less and less access to an investment professional to help you manage your retirement savings.
In endorsing a Retirement Plan Advisors-serviced 457 plan, the POAM is bringing you a 457 program with a comprehensive investment menu, on-site service and personal investment advice to help you maximize your 457 benefits. As public sector experts, RPA investment professionals can help you navigate the retirement planning issues unique to police and other public safety workers.
Many of you are currently participating in 457 plans endorsed by various management groups (Conference of Mayors, Association of Counties, City Managers). Maybe it's time to participate in a plan designed for you.
For more information, Contact Us or call (734) 421-2212.
401(a) Defined Contribution Plans
For many of you, your traditional defined benefit pension plan has been replaced with a defined contribution retirement plan. As a result, the full responsibility for managing 100% of your retirement dollars has now been shifted to you.
While defined contribution plans allow for much greater control and flexibility, potentially resulting in a better retirement benefit, there is no guaranteed monthly pension. Depending on your investment results, you could end up with a significantly smaller retirement benefit.
If you are covered under a defined contribution retirement plan, the competitiveness of the plan and the quality of the local service are key to your retirement security.
- Does your employer provide a competitively priced program with a comprehensive investment menu?
- Do you have access to personalized investment advice from experienced public sector investment professionals?
Don’t know? Not sure? Time to contact Retirement Plan Advisors for a plan review. For more information, Contact Us or call (734) 421-2212.