[1] fi360. Defining a Global Fiduciary Standard of Excellence. 2006.
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FIDUCIARY
GUIDANCE
Since plan fiduciaries are personally liable for plan actions, we always act in the best interest of your plan and participants.
As an employer offering a retirement plan, you are a plan fiduciary. You have a legal responsibility to your employees to evaluate your company’s retirement plan offering. [1]
SERVICE PROVIDER SELECTION AND BENCHMARKING
ASSISTANCE
INVESTMENT MONITORING
PLAN DESIGN
ANALYSIS SUPPORT
SERVICE PROVIDER SELECTION AND BENCHMARKING
ASSISTANCE
With many companies providing retirement plan services, it can be difficult to know which providers are a good fit for your company. Each offering is slightly different - from little things such as retirement calculators to big details like payroll submission uploads. Therefore, partnering with quality service providers can have a noticeable impact on the efficiency of your plan.
Understanding the complex fee structures in your retirement plan can be difficult, and while it may seem wise to offer the lowest cost services, it is important to consider cost vs. value. That’s why we begin by discussing your current service providers and benchmarking their offerings to learn if they are meeting and/or exceeding your expectations.
Implementing an effective plan design that aligns with your company’s goals is the framework for a successful retirement plan. By establishing a structure that mirrors your company’s retirement plan objectives, employers can seek to recruit, retain, and reward key employees. It can also help you save for your own retirement. Only after a plan design analysis is in place can an employer really learn how many ways the company’s retirement plan can benefit the firm. As technical plan advisors, we take an active role in plan design. We act as a liaison between you and your Third Party Administrator (TPA) to discuss options and present possible enhancements. We share stories and experiences from our many years of helping employers implement effective strategies.
PLAN DESIGN
ANALYSIS SUPPORT
INVESTMENT
MONITORING
As a fiduciary to your company’s retirement plan, it is important to establish a prudent process, one that regularly reviews, monitors, and assesses all aspects of the plan to confirm that the offering is in the best interest of plan participants and beneficiaries. Part of this responsibility includes evaluating and monitoring plan investments. We will work as your investment fiduciary advisor to provide real advice on how to review your plan investments. We can support your set-up of an Investment Policy Statement (IPS), score investment funds, place investments on watch lists, help remove underperforming funds, and seek to find new investments that meet IPS search criteria at our direction. All the while, we will work an investment fiduciary advisor to help you make informed and actionable decisions.