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How Do I Select the Right Audit Firm?

Since the auditing changes regarding 403(b) plans changed in 2009, it is essential for plan sponsors to know what to look for when selecting an independent auditor for their retirement plan. Once you understand whether or not your retirement plan requires an audit and what type of audit is most appropriate for your situation, it’s time to find an auditing firm that meets your needs. It’s important to select a trustworthy and experienced auditor.

Five Qualifications to Evaluate When Selecting a Retirement Plan Consultant

In our previous blogs, we’ve discussed when a plan sponsor may seek the guidance of a retirement plan consultant and what services consultants can offer. This time, the focus is on finding an appropriate consultant that can provide the specific services you need.

The search for a retirement plan consultant shouldn’t be rushed. There are thousands of consultants and many offer unique or varying levels of service. These guidelines are designed to help clarify the process and what to look for in a plan consultant.

Providing Socially Responsible Investing Options in Defined Contribution Plans

Offering a retirement plan to your employees is a great way to offer a competitive benefits package. But what about the investment options your plan provides? As a plan sponsor, you may often assess new investment options for your participants, largely considering the demographics of your participants, such as age, financial literacy, and other types of quantifiable data. But have you ever considered their societal values?

Over the past few years, more and more plan sponsors are considering their participants’ societal values when developing investment menus to craft a strong array of options for their employees. This focus on environmental, social, and government issues within investing is typically known as Socially Responsible Investing (SRI) and is a great way for participants to “put their money where their mouths are” by making a societal impact as they save for retirement.

What is Socially Responsible Investing?

As we experience continuous market volatility and economic swings, more and more investors aren’t simply investing to get a monetary return; they want to make a positive impact in areas that matter most to them, from environmental sustainability to healthcare. This investment discipline is commonly known as Socially Responsible Investing (SRI).

Also known as ethical investing, responsible investing, or values based investing, Socially Responsible Investing considers environmental, social, and government criteria with the goal of gaining competitive financial concerns and a positive societal impact.

The Key Services a Retirement Plan Consultant Should Provide

A retirement plan consultant plays an important role in your business, helping you follow fiduciary responsibilities, mitigate risk, and provide an appropriate plan based on cost parameters and employee needs. Businesses rely on consultants to provide objective and knowledgeable guidance, advice, and service.

The extent of services provided by consultants can vary significantly; therefore, in searching for an advisor, it is best for you to look for the services most optimal for your plan’s specific needs.