SAMPLE FUND ANALYSIS
Have an existing retirement plan?
Operating a corporate retirement plan can be overwhelming. Many plan sponsors are not sure if they are getting the best advice or have the right team in place to provide the best participant outcomes possible.
We have compiled a list of questions that will reveal to business owners, plan sponsors, and plan committee members possible hurdles that can prevent an average or underperforming plan from being a peer leading plan. You should be able to answer all of these questions. If you cannot or are unsure of the answers, reach out to one of our experienced retirement plan advisors - we are happy to assist you with any of them.
Questions to ask yourself regarding an existing retirement plan
- Does your plan consistently create positive outcomes for your participants?
- How has your retirement plan adapted to your businesses over the last 5, 10, or 20 years?
- What does fiduciary liability mean to you?
- What actions have you taken to mitigate the companies and the plan committee’s fiduciary liability?
- Describe how your investment policy statement (IPS) has successfully or unsuccessfully governed the plan’s investment strategy?
- How does your current retirement plan compare to its peers?
- How do you evaluate if the plan is meeting its minimum compliance requirements set out by the Internal Revenue Services (IRS) and the Department of Labor (DOL)?
- What best practice standards has your company implemented in the creation, management, and monitoring of your retirement plan?
- How does your company identify and evaluate if your current provider’s fees are reasonable for the services they are providing?
- How would you evaluate if a new provider is in the best interest of the participants and the company?
- How does your company foster a culture of fiduciary responsibility?
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