Newport Group 401K Review: Is it your best option?

By Altay Gursel | February 22, 2021
Home / Rollover / 401k / Newport Group 401K Review: Is it your best option?

Newport Group 401K: All Need To Know About

Newport group

Company Background

The Newport Capital Group is one of the leading retirement companies you may turn to for the provision of satisfying retirement plans.

With the realization that retirement could be a nightmare to an employee, the Newport Group has stuck its head out to provide the best retirement plans for the employees of their clients.

And again, with a level of expertise that assures and guarantees ever-smiling retirement days, the Newport Group elevates the duty of providing the best retirement plan to a trust relationship where they watch the backs of their clients.  

Over time, the Newport Group has built the reputation of making the retirement days ones every employee should anticipate.

Well, one of their retirement plans you may consider is the Newport 401(K) plan. The idea is designed to make your retirement days filled with smiles and furnished with beds of roses.

There are always two sides to a coin, the pros and cons. Thus, you can rest assured we are giving you a balanced view here. We are objectively placing Newport 401 (k) on the table before you with all its beauty and beastly sides, without bias.

That way, your choices can be founded upon solid ground. First, let’s take a look at the goodies Newport 401 (k) plan has got to offer you.

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Why You Should Invest in Newport 401(k)?

1. Collaborative Access

One magic that sweeps you off your feet with the Newport 401 (k) is that they offer a balanced service, to both the employer and the employee. Of course, they put into consideration the desires of the employee to deliver the best.

But then, they also allow the participation of the employees, who are the beneficiaries of the plan. This is called collaborative access. What is its effect?

Well, it simply means that the retirement company does not just do your employer’s bidding; they do your bidding as well. Both the employer and the employee have access to the retirement plan, which ensures transparency in the delivery of service.

This equally assures the beneficiaries that they are getting the most from their retirement plan.

2. Less Processing Cost

Good news! It will cost you less to access the 401(k)-retirement service plan with the Newport Group. The Newport Group acknowledges that cost is one of the many things that businesses consider before subscribing to a service provider.

Therefore, for the sake of many companies and with the desire for employers to have the best retirement plan for their employees, the Newport Group bears certain costs that relieve their clients.

Yes, you heard that correctly, they bear the cost to operate the plan. Cool, right? For example, they take the cost of record-keeping and administrative fees. Participants do not have to bother about that.

Hence, no matter how small or large your business is, you have a chance at getting the best from the Newport Group.

3. Investment Opportunities 

The Newport Group also provides the participants with a plethora of options with investments. Sure, they are sensitive to your desire to have an investment, and they’ve got you covered on that.

The Newport Group matches 50% up to 6% of all annual contributions you make to a given plan yearly. These contributions are merged with your account each pay time for participants to enjoy immediate investment buying power. It’s one of the juiciest plans around.

4. Loan Plans

Again, Newport 401(K) allows you to take loans from their plans, especially if specific emergencies arise. And guess what? You don’t just take a loan at your own risk; the Newport Group helps you to make the best choice while taking the loan.

The loans provided interest friendly, with a considerably appropriate time to return the loan. With the consciousness that a retirement plan is a futuristic investment, the loan service affords only 50% or an amount not exceeding $50,000.

Now, they may decide at times to decline your emergency funds or loan requests, notwithstanding the purpose for which those funds are needed. But this only happens when the applications could sabotage the essence of the plan.

The Newport Group understands that a retirement plan is not a primary source of funds for the things you need. Hence, they help you resist the temptation of wearing out your retirement plan.

This means you might have a medical emergency and want to loan from your 401(k) plan, yet your loan may be declined. It is called tough love.

5. Client-Centered Services

The Newport Group is designed in such a way that it has YOU in mind. The 401(K) affords you the option of making your choice of retirement based on the uniqueness of your firm. The plans accommodate both small and large businesses and firms.

With the Newport Group, you are less bothered they will take drastic decisions you might consider inconvenient. Your choice is all that matters. Yes, they are willing to provide you the service. Still, they consider your comfort and convenience in the provision of that service to you.

Also, they help you make informed choices by providing experts that can provide you with all the necessary details of the plans you are choosing from.

Likewise, a highly knowledgeable account manager follows up on your retirement plan, ensuring that every aspect of your plan is well covered and documented.

6. Rollovers

Sometimes, you might want to roll your money from one retirement plan to another plan. The Newport Group got you covered on that one also. With the Newport Group 401(K) plan, you can roll your money over from one retirement account to another, as you deem fit, without incurring additional tax on the distribution. 

Also, if you are currently working for an employer who has chosen the Newport Group as their retirement service provider, you can roll funds that you have from other institutions to your Newport group account without additional tax.

Likewise, you can easily roll over your Newport group retirement account to an IRA or another retirement plan that is qualified. All processes are made easy for you. 

7. Third-Party Administrator Service

Usually, individuals and firms do not just want to make choices for their plans; they want to make informed choices.

The Newport Group readily avails itself in this wise. They don’t just leave the employer or the employee to make the decision alone, but they provide expert advice that guides the making of such arrangements.

As part of the benefits of their 401(K), they serve as third party administrator by registering applicants and keeping every necessary record that needs to be kept. They help employees process their loans when required as well.

This service bears no additional cost. Your 401(K) has you covered. Newport Group does not only provide you with that cheap service, but it also delivers a quality service to you. So, to sum up, Newport Group – speak Newport Group, speak less cost, speak more quality service. You sure don’t want to look away.

8. Customer Care

When you face difficulties in accessing their services, the Newport Group provides fast response modules to hear you out and proffer solutions to your demands.

On various platforms, they have ready answers to questions they have foreseen you may likely have. And they can be reached via their Participant Service Center on 844-749-9981 from 8 am-8 pm ET from Mondays through Friday.

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👎 Drawbacks of Newport 401 (k)

Now, despite all the discourse on the Newport Group 401(K) plan, there is the other side of the fence. To err is human.

Even the most organized and meticulous plan sponsors can make mistakes, as can the countless others they rely on to help them administer their plans and process plan transactions. Well, only a few inadequacies are found with Newport thus far.

1. The decline of Emergency Funds/Loan Requests

This has been mentioned earlier, but it bears repetition for clarity. Newport Capital Group claims to provide loan options for the participants of its 401 (k) plan. The loan service affords 50% or an amount not exceeding $50,000.

However, many have had their requests denied. Most rational justifications often come through as disqualified. Therefore, expectations and hopes of falling back on the saving at any time fall short. If you then are considering joining the company, one thing you should probably keep in mind in mind is that you might not have access to your savings until you are 59 and a half years.

2. Inconsistent Responses to Complaints

For Newport, your complaints would not be attended to on weekends. You will have to wait until the next working day.

Well, that is still bearable. What comes short is that there have been complaints that some requests were left unattended to even during working hours. Now that’s is a significant concern, especially if you have an urgent issue to address.

Newport Group has claimed to make quick responses to such complaints if their attention is drawn to them. Nevertheless, you shouldn’t be caught unaware, should it happen again.