[big_event_about_us_1 title=”BenchmarkingNever Fees” subtitle=”Can Potentially Cost Your Plan Millions”]Time and time again we see companies that set up their retirement plan years ago and never looked back to make sure it is up to date. Over time the plan grows and the pricing should decrease. Any time a pricing decrease opportunity is missed, it has lasting and compounding effects on plan assets that will never be able to be recouped. We recommend benchmarking the plan annually to insure the plan is competitively priced and participants are paying as little fees as possible.[/big_event_about_us_1]
[big_event_about_us_1 title=”Not Benchmarking Investments” subtitle=”Can Expose You To Unnesssary Liability”]Investments are an ever changing aspect of a retirement plan and should be closely monitored. It seems like every day there is a lawsuit about improper share classes or expensive ratios with respect to plan investments . We recommend benchmarking the investments quarterly and following an Investment Policy Statement to reduce your liability. You can also hire a third party fiduciary who will sign on for shared or complete fiduciary liability as well which is becoming commonplace in the market.[/big_event_about_us_1]
[big_event_about_us_1 title=”Not Hiring A Fiduciary Advisor” subtitle=”Can Be A Big Mistake”]We understand companies are trying to run a successful business and generating revenue. Not all companies are focused on the details of a retirement plan and need to trust a partner to help them stay in compliance. There are two types of advisors (fiduciary and non-fiduciary) and it is critical that you know which role your advisor plays in the relationship. If they are a non-fiduciary the sole liability is on your shoulders and this is a risk most companies do not want to have. If they are a fiduciary it means they share in the liability and are required to act in the best interest of you and your employees.[/big_event_about_us_1]
[big_event_about_us_1 title=”Not All Plans Are The Same” subtitle=”Customize Your Plan To Fit Your Goals”]A lot of the focus in the market is on the 3 F’s – fees, funds and fiduciary, and companies often forget about maximining plan design. At the end of the day the plan is in place to either maximize the benefit for employees (recruit, retain and reward) or shelter money for company executives/owners. It is important to remember to review the plan design annually to insure it is in line with your organizational goals.[/big_event_about_us_1]
[big_event_about_us_1 title=”Is Someone Sharing Your Message?” subtitle=”Every Plan Needs An Advocate”]Offering a 401(k) plan is not free and your employees need to understand the benefit. If someone is not communicating with your workforce at least annually to advocate for you and your investment in the plan there is a missed opportunity. Not only is it important to help educate the workforce on retirement, it is important to let them know you are investing in them and their future.[/big_event_about_us_1]