As a plan sponsor, you know the importance of providing a well-managed retirement plan for your employees. You are also aware of how much time and energy it takes to organize and administrate such a plan, not to mention the fiduciary responsibility that goes along with it. As a result, you may turn to a retirement plan consultant to provide expertise, objective guidance, and service. Your business and your employees are a high priority, so you don’t want to choose just any consultant. How do you know if your consultant is the best fit for your business? Is there a way to ensure they are doing their job and improving your plan? Use our retirement plan consultant checklist below.
The Five Biggest Mistakes Plan Sponsors Make
Plan sponsors know that there are more liabilities and regulations to worry about than ever before. There are constant concerns about IRS rules, fiduciary responsibilities, and tax law changes. Failure to comply with regulations can be an expensive disaster, with the ever-looming threat of losing your plan’s qualified status.
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 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.