All plans have investment fiduciaries. That task is best delegated to a professional, who can help to mitigate some of the plan sponsor’s liability. A well-run plan will engage with an outside adviser, who assists with a host of other services. It is also beneficial for an investment fiduciary to a retirement plan to have a reasonable knowledge of ERISA and pension regulations. We enter in contractual relationships with our plan sponsors to act as co-fiduciaries.

Best practices include that all plans should have a current Investment Policy Statement (IPS). It should drive the decision-making process, identify processes and responsibilities, and add transparency to investment operations. An IPS should be reviewed regularly and maintained as regulatory and market conditions change. At a minimum, the IPS should be reviewed every three years.

Developing an investment lineup requires a specialized set of skills and tools. It also requires an understanding of human behavior. Poor design and selection can reduce plan enrollment, as well as adversely affect risk adjusted return.

The process of investment monitoring should include a fiduciary standard of care. We use technology and analytics that make implementing a prudent process easier for all clients at every step. More information about plan monitoring can be found at fi360.com.

We believe that plan design should meet the needs of an organization financially and operationally as well as the needs of participants. Experience working with organizational management structures, HR and behavioral finance can help drive plan design.

Better plans rely on many layers of support. Advisors should have knowledge of ERISA, DOL, IRS and other legal and regulatory matters. Documents require periodic updates, and annual filing and auditing can be burdensome. It’s also important to understand the type of plans an advisor typically serves. The compliance requirements for a 100-or-more-person plan are much more demanding than a small plan.

The vendor RFP should ideally be conducted as a collaborative effort. A plan’s advisor should understand the nuances of various plan architectures. We focus on the value proposition, because the cost to move a plan can go well beyond the cash outlay. A plan should understand its priorities before any decisions are made. This is particularly true when considering a change of custodian or record-keeper.

There are many things that need to be accomplished. Blackout notices must be sent in a timely manner. Assets need to be mapped, funds moved and reconciled, and employees need to be educated on the new plan.

Does the value proposition match the objectives and needs of your organization? Administrative and investment fees must be reasonable but should not compromise the success of the plan by either being too expensive, or so low that participants do not receive the resources they need.

We coordinate and help you interface with the multiple vendors engaged in your plan and we can assist at crucial times to ensure that your plan has what is needed. We work to see that your plan is administered according to your plan documents, assist with data gathering for audits, and oversee that filings are timely.

Your plan materials are reviewed and managed through our team of plan professionals. When needed, we can also source educational programs, mailers, gap analysis and forecasts.

We conduct in-person and online participant meetings and conference calls.

We offer to conduct quarterly meetings with you, the plan sponsor to discuss fund performance, market and investment conditions, plan specific events and fiduciary oversight issues. We regularly review plan expenses and performance using multiple sources of analysis and target problems within the plan for action. We are plan co-fiduciaries managing your plan together with you.