Plan Design & Review
Our services are customized to the needs of individual businesses. In the plan design process, we offer the following:
- Evaluate your objectives and prepare a best-fit analysis of different plan types including profit sharing, 401(k), cross tested, and pension plans
- Discuss nondiscrimination testing
- Select appropriate plan or plans and determine specifications
- Help select and monitor investment options
- Assist with employee education and enrollment and recommend methods to improve employee participation
Retirement Plan Vendor/Investment Selection Services
We differentiate ourselves by providing value-added services at no additional cost.
- Current vendor analysis
- Fiduciary risk assessment
- Comprehensive vendor search and selection process summarized in a clear report of findings
- Creation of an Investment Policy Statement
- On-site employee enrollment and educational meetings designed to increase participation
- Ongoing monitoring of investment options
- Assistance with Investment Committee meetings
Administration
We offer the following services in plan administration:
- Determine eligibility for participation and calculate contributions, benefits and earnings
- Perform various nondiscrimination tests as required by governmental agencies
- Prepare all IRS, Department of Labor and other governmental agencies' reports required by law
- Prepare periodic reports for management summarizing individual and aggregate plan records, account allocations, investment results, and participant certificates
- Assist with participant distributions, provide benefit election forms and required notices
Fiduciary Issues and Investment Liability
Fiduciaries may be held personally liable for a breach or violation of ERISA standards. This liability may include restoring lost profits or opportunities resulting from poor plan performance.
Many fiduciaries assume that their retirement plan provider will take care of all ERISA requirements, but this is usually not the case. While your provider will offer you a menu of investment options, it is up to you to select and monitor the choices available to participants (hence the liability).
We pay attention to fiduciary duties and will help you meet ERISA standards and fulfill your duty to monitor the plan, including performing an annual review. We will evaluate your plan’s investment options by reviewing:
- Investment performance
- Style consistency
- Investment manager and organization changes
- Expense ratios
The Benefit to You and Your Employees
By utilizing industry “best practices,” we believe the result is less risk to your employees (with the goal of larger account balances at retirement) and less personal liability and fiduciary risk for you as the employer.
