Why Plan Sponsors Should Hire a Retirement Plan Consultant

Why Plan Sponsors Should Hire a Retirement Plan Consultant

Posted on by Editorial TeamLeave a comment

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.

Read More
Key Components of an Effective Retirement Plan Committee

Key Components of an Effective Retirement Plan Committee

Posted on by Editorial TeamLeave a comment

An organized, well-managed retirement plan committee is a key foundation of a successful retirement plan. Forming an effective retirement plan committee not only fosters more diverse ideas and opinions, but it also challenges the status quo to create and maintain a more thoughtful plan. For this reason, an important first step in fulfilling plan governance requirements is to establish and operate an effective retirement plan committee.

Read More
Improving Your Retirement Plan Governance

Improving Your Retirement Plan Governance

Posted on by Editorial TeamLeave a comment

It is not hyperbole to suggest that you as a retirement plan sponsor must take seriously your fiduciary responsibility. This includes plan governance, such as a review of the risks that threaten the plan’s compliance with ERISA requirements, an analysis of portfolio performance vis-à-vis benchmarks and peers, and a determination of whether plan participants will have the resources necessary to meet their expected retirement income needs.

Read More
Why Plan Sponsors Need a Retirement Plan Consultant

Why Plan Sponsors Need a Retirement Plan Consultant

Posted on by Editorial TeamLeave a comment

Offering a thoughtful retirement plan can provide many benefits to an organization. It can have a significant impact on the hiring and retention of key employees as well as improving employees’ retirement readiness. However, the retirement plan space is complex. Trying to develop and manage a plan while complying with the constantly evolving legal and regulatory environment is not easy. Plan sponsors are held to a number of regulatory and fiduciary obligations, and failure to advocate on behalf of its plan members’ best interests can be subjected to hefty civil fines and penalties. Many sponsors lack the expertise to manage their retirement plan and fulfill their fiduciary obligations. This is where the need for a retirement plan consultant arises. Learn the key areas of service that retirement plan consultants can provide and why many organizations choose to hire one.

Read More
Plan Sponsor Risk Management Strategies

Plan Sponsor Risk Management Strategies

Posted on by Editorial TeamLeave a comment

Retirement plan risks cannot be avoided, but they can be managed in order to minimize their impact on plan participants and sponsors. Employers and sponsors that offer defined contribution (DC) plans have a fiduciary responsibility to measure, manage and mitigate the various factors and risks that could affect those plans.

Protecting a retirement savings plan and its assets requires effective governance. The need was particularly intensified in recent years by several employee class action lawsuits scrutinizing employer governance of 401(k) and other defined contribution plans (e.g., 403(b) and 457).

Read More