Earlier we mentioned the Department of Labor’s fiduciary responsibility standards. We know through experience and research, in most cases plan sponsors do not have the time, interest, or expertise to complete their fiduciary responsibilities on their own. So Iron Logic 401(k) Advisory developed a simple, disciplined, effective process to help qualified plan sponsors meet their minimum obligation to review their plan annually. The initial process for plan sponsors is designed to be time sensitive and is broken down into the following two steps:
- 15-Minute Discovery Meeting: designed to collect information (Enrollment packet, vendor contract, and hard dollar cost assessment) about the current plan and identify areas of greatest concern for the participants and the sponsor.
- 45-Minute Improvement Meeting: occurs two weeks later and is designed to review our comprehensive Retirement Plan Analysis. We identify areas of strength in the current plan and recommend improvements in areas that warrant.
At the conclusion of the Improvement Meeting, if a mutual commitment to move forward is agreed upon, our team of seasoned professionals will begin the process of implementing the improvements. If, as sometimes occurs, the qualified plan sponsor decides not to move forward with our recommendations, the Retirement Plan Analysis is theirs to keep. It becomes part of the minutes for the meeting and satisfies their fiduciary responsibility of reviewing their plan for the year.
The Retirement Plan Analysis covers the five key areas of a qualified plan. It includes a comprehensive analysis of investment options, fiduciary responsibility, employee education, costs/fees, and plan design and administration. Please continue to the next section entitled Our Solution to see how Iron Logic 401(k) Advisory typically addresses these areas of concern.