401K Statement of Services401(k) Statement of Services
Service Philosophy
Our service philosophy consists of assisting you in assessing, analyzing and addressing the specific needs of your plan to maximize its value to your organization. We propose to improve your plan by helping you:
- Manage fiduciary risk
- Improve operational efficiency
- Increase employee satisfaction
- Streamline investment selection and analysis
- Identify and recommend cost efficiencies
We offer three major categories of service:
- Consulting
- Conversion and installation
- Ongoing services
As part of our ongoing services, we strongly recommend a regularly scheduled review of your retirement plan. Our review covers all the key areas of plan operations, including:
- Investment consultation and review
- Fiduciary and compliance issues
- Participant education and communication
- Assessment of your plan design
- Quality of plan service
We review and evaluate your plan and follow up with a customized Action Plan that offers step-by-step guidance to help boost your plan’s effectiveness.
Consulting Services
Our services are available in both a fee-for-service and total retirement plan service format.
Fee-for-service: You select the service or combination of services that is appropriate for your situation.
Total retirement plan service: We act as your retirement plan advisor and are compensated with asset-based fees and/or commissions.
Our consultative approach to your retirement plan’s needs has several simultaneous objectives:
- We seek to align your plan’s objectives with suitable providers whose capabilities and strengths reflect your unique needs.
- We identify and recommend potential providers based on your plan’s complete profile of objectives, challenges and requirements.
- Our team then obtains specific proposals for your retirement plan from appropriate qualified vendors.
- We analyze the information obtained from the RFP process to identify potential providers and coordinate presentations to your management.
Conversion and Installation Services
We can assist you by helping coordinate your new retirement plan’s conversion and installation. We focus on the critical areas of investments, fiduciary responsibilities and employee education.
Our objectives are:
- To enhance the suitability of your retirement plan’s investment menu.
- To help you identify and monitor the fiduciary risks that affect your plan.
- To optimize employee participation and education.
Investments
Review investment policy statement (IPS)
Assess investment performance
Review investment menu and providers
Install an investment policy statement (IPS)
Refine investment menu by:
- Considering adding new investment categories
- Eliminating or replacing investments
- Consolidating redundant investments
Fiduciary Review
- Elect to comply with 404(c)
- Review 404(c) compliance
- Assess fidelity bonding
- Assess fiduciary liability insurance
Employee Education
- Assess current employee education program
- Plan and implement an effective employee education program
Ongoing Services
After conversion and installation, we continue to help you maintain the effectiveness of your retirement plan. We monitor your satisfaction with the plan regularly and make adjustments as necessary.
Our ongoing services encompass investments, fiduciary review and employee education.
Investments Frequency
- Comprehensive plan review Annual
- Review investment policy statement 1-2 times per year
- Review investment performance 1-2 times per year
- Refine investment menu As needed
Fiduciary Review Frequency
- Review 404(c) compliance Annual
- Assess fidelity bonding Annual
- Assess fiduciary liability insurance Annual
Employee Education Frequency
- Assess current employee education program Annual
- Plan and implement effective employee education program As needed
- In-person group education meetings, re-enrollment Varies
- Virtual enrollment and re-enrollment Varies
- Virtual educational programs Varies
- Limited one-on-one support via phone As needed
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