The New Era of Fee Transparency
Making Sense of the Details
New laws, new regulations and additional requirements have been appended to retirement plans. But one constant has been the role of the fiduciary, and the obligation to put the best interests of participants first. One of the most important fiduciary responsibilities is to understand the services being provided and ensure that the fees being charged to the plan are reasonable.
Protecting Your Retirement Plan From Lawsuits
“What keeps you awake at night?”
In today’s retirement plan world, the expanding role of the retirement plan fiduciary and the threat of lawsuits is likely to be near the top of responses to that question. While there can be no assurance of being able to avoid litigation, there are steps a plan sponsor can take to minimize the likelihood and potential impact of lawsuits.
Helping Participants Make Better Decisions
Improving Retirement Outcomes
The first objective of every retirement plan should be to provide a better retirement for the plan participants. While this goal appears to be straightforward, we often find that sponsors have not developed a corresponding action plan.
Improving Plan Efficiency
Maximizing Return on Investment
Every plan sponsor should have a goal of maximizing the return on their investment. Likewise, the plan sponsor and plan fiduciaries should make every effort to maximize the return on investment received by plan participants relative to the dollars they pay for their retirement plan services. With this goal in mind, service providers can play a key role in achieving your desired results.
Developing Investment Policy and Structure
Balancing Diversity and Simplicity
ERISA says that plan sponsors should provide participants with the opportunity to choose from a broad range of investment options in order to effectively diversify their accounts among the various options. Participants should be offered at least 3 different investment options.
Maximizing Plan Design
Increasing Employee Impact
Combining the great number of plan options with the vast universe of available investments can make plan design a complex undertaking. However, with the goal of maximizing outcomes for a diverse population of plan participants, our main objective is to assist our clients in simultaneously simplifying their plan design.
Building a Strong Foundation
Plan Compliance and Governance
Plan fiduciaries accept personal financial liability associated with their roles in managing ERISA benefit plans. In order to mitigate this personal risk, every fiduciary needs to understand core ERISA requirements and be informed of the boundaries within which he or she must operate.
Managing Your Retirement Program
Why Plan Sponsors Hire Consultants
In making the decision to hire outside retirement plan consultants, there are three main objectives that plan oversight committees and plan fiduciaries consider. By “acting solely in the best interest of plan participants”, you can simultaneously accomplish these three goals.