In a previous post, we discussed the importance of plan governance and how it works to make your retirement plan more efficient. Plan governance involves a myriad of details that must not be overlooked. How do you organize the responsibilities, policies, procedures to create an effective strategy?
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. Have you ever considered their societal values? Over the past few years, 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.
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 retirement plan 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.