A Retirement Plan for the Long Term
Retirement plans have represented a core segment of my business since I started my practice. In recent years, the investment platforms available to corporate and non-profit retirement plans have grown in number and become more robust. While this is certainly good news for the consumer, these changes have added complexity to the retirement plan landscape.
I can help you sift through the alternatives to select the menu and platform that fits your company now and that can grow with your company in the years to come.
Design, Advice, & Investments
A successful retirement plan involves careful design, ongoing and insightful advice, and sound investments. Establishing a new plan or making changes to an existing one can be a daunting task. As your retirement plan consultant, I make the process easy for you. I sweat the details. I present you with objective information and choices that are right for you and your company. And then I help you create and maintain a retirement plan that helps you and your employees achieve financial independence.
Careful Design
To design a sound plan, I begin by asking a number of questions about your company:
- How long has it been in business?
- Who are the principals?
- What kinds of people work there and how many?
- Which employees are most highly valued, and what kind of retirement plan would tend to attract and retain employees like them?
Next, I ask you to complete a short form which accounts for basic financial information about your company. In the event a Third Party Administrator ("TPA") is required, the information gathered on this form helps me identify an appropriate TPA who will further customize the plan document. Typically, a TPA handles ongoing testing and compliance.
Ongoing and Insightful Advice
Advice takes several forms.
Generally, I will formalize in writing the agreed-upon service expectations. As appropriate, I help define the objectives of the plan in the form of a written Investment Policy Statement.
For new plans, I will personally conduct initial open enrollment meetings at your company. In these meetings, I present an overview of the plan, answer your employees' questions, and guide your employees in completing the required forms.
When a plan is moved from one provider to another, I will conduct conversion meetings for the purpose of explaining black-out periods and new investment features and options.
At least once a year, I will review the menu of plan investments and will appraise employee satisfaction, both anecdotally and by measuring employee participation rates. In addition, I help you to understand how to fulfill your fiduciary responsibilities to your employees.
Sound Investments
I tend to favor the unbundled approach to retirement plans. This way, you and your company can benefit from checks and balances among your service providers and have the flexibility to make changes with minimal interruption when your plan is not performing to your expectations.
I understand that the investment an employer makes in its retirement plan is serious. And I think it is important for employees to get sound investment choices and practical advice-in short I strive to offer employees a truly enhanced benefit.
Summary
As an employer, you understand how important it is to offer a retirement plan that attracts and retains quality employees and helps all participants achieve financial independence. As your advisor and consultant, I will be committed to helping you select and manage that plan.
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