We’ll stay focused on the road ahead.
The Employee Retirement Income Security Act of 1974 (ERISA) sets the rules for how retirement plans must be managed, the most important of which stating the plan sponsor must act as a fiduciary. With the rise of litigation in which employers were sued for violating their fiduciary duty, it is not surprising many plan sponsors are turning to financial advisors for help.
Our retirement plan advisory services ease the burden on the plan sponsor, providing dedicated support and insight across three key areas:
Compliance
Throughout the plan process, we offer compliance advice related to plan documents, operation and annual review along with guidance on updates to laws and regulations. Furthermore, we provide an in-depth understanding of the fiduciary standards required of plan sponsors and how to mitigate liability exposure.
Management
As an independent advisor, we do not have ties to specific providers. This allows for a thorough RFP and selection process that best fits the needs of the plan sponsor, with bundled or unbundled solutions. After selection and implementation, we continually monitor all facets of the plan, including fund performance, fund lineup diversification, recordkeeping, technology services and total plan costs.
Participation
Improving plan participation can lead to improved outcomes for employees and as such is a key focus. We stimulate associate engagement through increased communication, enrollment meetings and educational seminars. Additionally, we offer advice on plan structures that encourage expanded participation (e.g., auto-enrollment).