Have you found yourself on the hunt for a new retirement plan provider? Whether you’ve experienced some service concerns or have outgrown your current provider, the search for a new retirement plan pr...
What If: Simplifying Your Role as a Retirement Plan Sponsor Could Be Simpler?
Navigating the intricacies of being a retirement plan sponsor can be daunting. However, with the right strategies and partners, it can be simplified. Today, we will discuss how you can make the far-too-often overwhelming task of retirement plan sponsorship more digestible and simple.
What If: I Need Help Developing a Retirement Plan Committee?
Let’s start with the fact that many plan sponsors struggle with the idea of developing a retirement plan committee at all. Many questions must be answered before beginning one, such as who to include, how often to meet, and where one should even begin.
While having a formal committee is not a requirement, it absolutely is an example of industry best practices. A committee can be a pillar in encouraging:
- a regular schedule of reviews
- the documentation of minutes for due diligence
- the participation of partners, such as a plan recordkeeper or advisor
If you have a retirement plan, the decisions will be made no matter what, so why not engage a group to provide shared perspectives and a division of responsibility? Forming and participating in committee meetings does not need to be a significant time commitment, often only taking up an hour or two per quarter. The benefits reaped, on the other hand, just may make that time worth it.
What If: I’m Lost?
How many times have you been asked questions you’ve never been asked before or didn’t even know were significant enough to ask?
It is important to keep in mind that most of what you learn from questions are things you should have been doing all along. We are here to help you confidently answer any questions asked, ultimately avoiding those “deer in the headlights” moments in which you realize you’ve been missing a critical step to your process this whole time.
When you’re lost, finding the answers will rely on having the right partners, like your recordkeeper, third-party administrator (TPA), advisor, and ERISA Counsel. These are people in your corner who are there to help ensure you are properly prepared, ultimately acting as the resource for those questions you haven’t got the answers to.
You should be wary of those partners who always answer YOUR questions with a question. While clarifying questions are okay, you don’t want to constantly get the “What do you think?” or “Do you have ideas on how to fix this?” Having the right partners will ensure proactive solutions and educate you on the subjects you’ve brought them in to help with.
What If: I’m Confused About My Committee’s Roles?
This is a very common point of confusion. Questions about the roles within the retirement plan committee have, in our extensive experience, been met with confusion and disarray. We are often given answers all over the map, solidifying the sentiment that retirement plan committee roles are confusing for many people.
It’s not that plan sponsors lack knowledge about retirement plans. The fact is that retirement plans likely aren’t what you do all day, every day. Even if they are, the retirement plan industry is an incredibly complicated world.
We’ve worked with plan sponsors that have more than $1 billion in plan assets, with thousands of participants, but no idea if they have an advisor or fiduciary. We’ve also worked with $2 million plans with less than 100 participants who contain a wealth of knowledge.
What If: SWBC Did That For You?
SWBC Retirement Plan Services operates with the goal of providing clients with the tools and training needed to be considered an efficient and effective retirement plan sponsor. Our main purpose is to ensure that the committee can determine if they have achieved their objective. We cover a wide range of topics, including:
- fiduciary best practices related to committee organization
- creation of investment policy statements
- proper documentation of meeting minutes
- administrative oversight
- investment selection and monitoring
- cybersecurity needs
- industry trends
- proactive due diligence
- plan costs
What sets us apart is our unwavering dedication to ensuring that our clients are fully equipped and confident regardless of size.
Are you still searching for resources to help you build confidence in your role as a retirement plan sponsor? Our experts at SWBC Retirement Plan Services are here to help. Contact us today to learn how our guidance can help you build a solid retirement plan.
Brad Ferguson
Brad is the Chief Executive Officer of SWBC Retirement Plan Services and also serves as a voting member of SWBC’s Investment Committee. He has more than twenty years of experience in providing fiduciary services to plan sponsors in the retirement plan industry and is committed to guiding retirement plan sponsors and providers through the evolving retirement plan landscape.
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