Why Hire a Retirement Plan Advisor?

ERISA’s rules are crystal clear:every decision you make as a fiduciary must be in the best interests of plan participants and their beneficiaries and certain relationships may result in prohibited transactions.

Looking for a new 401(k) provider can be time consuming, cumbersome and downright frustrating. Your RPAG advisor shoulders the responsibility of a process-driven plan provider Request for Proposal (RFP), including collecting the quotes, spreadsheeting the data, and presenting the final report to your committee.

Through the process, corporate officers meet their fiduciary duty to monitor plan fees and make important plan provider decisions, while ensuring the best possible plan at the most competitive cost for participants.

Core components:

Recordkeeping

Investment Management

Total Plan Costs

Compliance

Technology Services

Employee Communications

Objectivity and Attention of an Independent Advisor, Strength and Resources of a National Leader...

The Fiduciary Fitness Program? (FFP) is an independent compliance tool to measure the health of a retirement plan. Our program provides resources as a means to identifying potential weaknesses in your plan and remedy through education, diligence, and process.


Retirement Plans require prudent governance by plan sponsors and fiduciaries. Retirement Plan Advisory Group developed the Fiduciary Fitness Program? as a well-designed decision-making process to confirm and document proper roles and execution of responsibilities in a prudent manner. 

 

PROGRAM GOALS

  • Identify plan fiduciaries and understand the extent of their specific responsibilities
  • Attempt to comply with ERISA §404(a) and §404(c)
  • Document the hiring process for service providers and other vendors
  • Identify parties in interest to the plan and take steps to monitor transactions
  • Understand major exemptions under ERISA that permit transactions with parties in interest
  • Review plan documents in light of current plan operations and make necessary updates
  • Comply with reporting and disclosure requirements
  • Ensure that individuals are properly bonded and covered by liability insurance and more

BEST PRACTICES APPROACH

The Program offers a holistic approach to fiduciary best practices, and encompasses three key deliverables:

  • Report Card: Demonstrates what plan sponsors and fiduciaries need to address and documents plan management responsibilities.
  • Fiduciary Plan Review: Educates fiduciaries regarding their responsibilities, examines plan design, and documents prudent processes.
  • Reference Guide: Graphs, charts and checklists provide easy to understand technical guidance for the completion of action items contained on the Report Card.