Portfolio

Health Professionals Alliance & Merit Wealth Management Launch The Doctor’s Retirement Plan

First pooled 401K plan of its kind, to be available to independent medical and dental practices nationally

LAKE OSWEGO, Ore.–(BUSINESS WIRE)–Today, Health Professionals Alliance Inc. (HPA) announced a first-of-its-kind pooled 401K plan, The Doctor’s Retirement Plan, designed for and available to independent physicians and dentists nationwide. HPA is a services company that specializes in supporting independent doctors. This pooled plan offers the benefits of a standard retirement plan and reduces administrative burden.

The SECURE Act Retirement Plan Legislation in 2021 allows for multiple employers to come together for a tax-advantaged retirement account, specifically a 401K Plan, offered by employers to employees.

“Offers like this, that reduce administrative burden, allow doctors to spend that time on treating patients while at the same time supporting their employees with progressive retirement benefits,” said HPA CEO, Kate Othus.

The plan is managed by and developed in partnership with Merit Wealth Management. Other providers administering plan components include a large nationally recognized custodian and third-party administrator.

Saving Money & Time

“Recent changes in the law make this unique turnkey offering possible,” said Jeff Griswold, CEO and lead wealth advisor with Merit Wealth Management. “With the way we have constructed this plan and the partners we have recruited, we can keep the operating costs of the customized 401K plans lower than the industry average. The average practice could end up saving dozens of hours per year in administrative time.”

This is a pooled 401K Plan but not a pooled account, meaning each one is customizable per private practice. It also provides for pricing discounts due to the consolidation of plan assets of many separate private practices and eliminates individual Form 5500 filings and audits.

With the way we have constructed this plan and the partners we have recruited, we can keep the operating costs of the customized 401K plans lower than the industry average...

Medical and dental providers currently within HPA’s extended network total over 3,000 medical and dental professionals and all have access to this plan today, at the same time as HPA employees.

“We have been looking for a plan like this for our private practice,” said Dr. Paul Elliott. “Historically we’ve been paying higher fees and have had to spend too many hours administering the fund annually.”

A Practice Equity Program

HPA has created a service-based healthcare company where doctors not only enjoy discounted essential services and a cutting-edge data analytics dashboard, but they have the opportunity to be shareholders through a practice equity program that allows doctors to unlock the equity in their practice without having to sell to large healthcare systems or investors.

Private practice owners interested in exploring The Doctor’s Retirement Plan, or membership, should contact Brendon Lundberg, HPA, at [email protected] or Jeff Griswold at [email protected]

 

 

 

About HPA
Founded in 2018, Health Professionals Alliance provides a suite of personal and professional services intended to empower and preserve the independent doctor. This alliance employs a holistic approach to growth that helps doctors focus on what they do best, caring for their patients. For more information, visit hpamembers.com.
About Merit Wealth Management
Merit Wealth Management is a fee-only, independent wealth management firm primarily serving accomplished dentists and physicians across the country. The company oversees over $100 million for physicians and dentists across the country and provides financial planning services; portfolio management and pension consulting services. Its main office is located in Bend, Oregon. For more information, visit meritwealth.com.

 

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