Why Plan Sponsors Should Hire a Retirement Plan Consultant

Many plan sponsors lack the expertise to effectively manage their retirement plan and fulfill their fiduciary obligations to plan participants without some outside assistance. This is where a retirement plan consultant can be invaluable. Plan sponsors rely on consultants to provide knowledge and expertise. No two plans are alike—and the same can be said of retirement plan consultants. Learn more about why plan sponsors choose to hire a retirement plan consultant, as well as a few of the questions you’ll want to ask if you’ve determined that you need one.

What Plan Sponsors Should Know About the Plan Document

ERISA requires all retirement plan sponsors to have a written plan document to formalize how their unique plan will operate. Operating a retirement plan without this key document can open up your business to significant liability. Why is the plan document so important, and what elements should be included in your organization’s plan document?

Senior Consultant Chris Garrison Quoted in NBOA

Independent schools are special places, solely focused on their mission of helping others. Employees of independent schools work there because it’s the lifestyle they have chosen, not to get rich. Their 403(b) plan is essential to their financial security and likely their largest asset. When it comes to saving and investing for retirement, schools understand their employees need more help.

PlanPILOT was pleased to contribute to the National Business Officers Association’s NetAssets magazine in a roundtable discussion to help CFOs and Business Officers understand the CARES Act.

Evaluating Your Plan’s Recordkeeper

Your fiduciary responsibility to your plan participants includes periodically evaluating your plan’s recordkeeper to ensure their processes facilitate the correct execution and reporting of transactions, adherence to federal and state regulations, in addition to the reasonableness of fees in relation with the quality of services provided. With that said, it is important to periodically assess your current recordkeeper. Learn more about the role a plan recordkeeper plays and some of the factors plan sponsors should consider when choosing and evaluating a recordkeeper.

Help Participants Stay On Course in Turbulent Times

The recent stock market turbulence associated with the coronavirus disease (COVID-19) has been described as a crash, a “meltdown,” and a “disaster.” Even investors who are committed to staying the course can find it hard to overcome the uncertainty of what lies ahead. Plan sponsors can help participants to stay the course by reminding them that short-term market fluctuations, even unprecedented ones, should not affect their long-term investment goals. Learn more about what plan sponsors should do to calm jittery participants and help them stay on course.