Employer Retirement Plan Services
- 401k & 403(b) Consulting
- ERISA Section 3(21) & 3(38) Fiduciary Services
- Investment Policy & Monitoring
- Fee Benchmarking & Vendor Analysis
- Retirement Plan Committee Support
- Employee Education
- Advanced Plan Design Assistance & Compliance Support
401k & 403(b) Consulting
Plan sponsors are fiduciaries subject to standards of conduct under ERISA, including: acting solely in the interest of plan participants; carrying out their duties prudently; following plan documents; diversifying plan investments; and paying only reasonable plan expenses. Fiduciaries who fail to follow established standards of conduct are subject to personal liability.
Our Firm provides independent consulting services to corporate and non-profit employers to help mitigate fiduciary risk, reduce personal and professional liability, improve the plan for employees, reduce plan costs, and simplify plan governance. Our proactive services are customized for each of our partners, and, as fiduciaries, we work solely in your best interests and the best interests of your plan participants.
ERISA Section 3(21) & 3(38) Fiduciary Services
Plan sponsors are expected to act "prudently,” meaning how a professional would perform under similar circumstances. Under ERISA, plan fiduciaries who lack the appropriate skills and knowledge to manage and invest plan assets as an expert would are cautioned to seek external guidance. Employers wishing to mitigate the fiduciary risk associated with managing plan investments look to retain outside advisors to assist with this responsibility. Our team is able to provide ERISA section 3(21) or section 3(38) fiduciary consulting services, making us liable for our investment advice.
Investment Policy & Monitoring
An Investment Policy Statement (IPS) is the cornerstone of a prudent plan management program. Our clients benefit from a customizable IPS that incorporates a proprietary 12-point scoring system to ensure the investments in your plan are rigorously and objectively evaluated. We screen all plan investments quarterly and conduct comprehensive investment lineup design. We perform ongoing performance monitoring and benchmarking, implement QDIAs (qualified default investment alternatives), and create custom model portfolios. We document all our efforts in our cloud-based Fiduciary Vault to which our clients have 24-hour access.
Fee Benchmarking & Vendor Analysis
Allegations of excessive plan fees are a leading cause of fiduciary breach lawsuits. As a plan sponsor, it is critical to clearly understand all plan-related fees, which vendors are receiving what compensation and for what services. Furthermore, it is essential to understand whether these fees are reasonable for the services provided. At the onset of our engagement and periodically thereafter, we benchmark all plan-related fees for reasonableness and necessity. Where needed we conduct fee reduction negotiations and assist with RFP dissemination to evaluate new plan providers.
Retirement Plan Committee Support
A Retirement Plan Committee is a critical component of an effective plan management strategy, helping to clearly define roles, goals and objectives. We are active members of our client committees, assisting with agendas, ensuring minutes are kept and a prudent process adhered to and documented. If you have not yet established a committee, our team provides you with everything required to formalize a committee in keeping with best practices.
Employee Education
Our retirement plan consultants develop customized education programs to help meet the unique needs of your organization’s workforce. Whether it be onsite group presentations or individual education sessions, we are positioned to deliver holistic, independent advice on topics ranging from retirement readiness to financial wellness. We measure the effectiveness of our campaigns annually to ensure progress towards stated goals and objectives, and we adapt our approach to meet the evolving needs of each institution’s distinct workforce.
Advanced Plan Design Assistance & Compliance Support
Plan design is the process of developing or refining a plan and its provisions to best suit each organization’s size, retirement plan goals, compensation structure and employee demographics.