Corporate Retirement Plan Services
Comprehensive Benefit Services Retirement Plan
A retirement plan sponsor must act as a prudent expert under the Employee Retirement Income Act of 1974 (ERISA), and is held to a fiduciary standard of care with respect to plan-related decisions regarding investments, service providers, plan administration, and general ERISA compliance issues. As a fiduciary, you have very specific responsibilities to a plan.
Advisors are uniquely qualified to help 401(k) plan sponsors fulfill their ERISA fiduciary obligations or take on these responsibilities on their behalf. As a retirement plan Advisor, we provide a range of services to help address some of the most common plan sponsor goals and to allow you to focus on your business:
- Guidance on ERISA Fiduciary responsibilities
- Compliance assistance
- Investment guidance and support
- Help understanding plan fees
- Assistance with provider search and evaluation
- Assistance with participant education
- Support with increasing enrollment participation rates
- Assistance with increasing deferral rates
- Support with improving workforce retirement outcomes
Plan Design Assistance
Consulting services to aid in defining features for a plan
Plan design assistance – Working with plan sponsors on various aspect of plan design, including elective and matching contributions, vesting, Qualified Default Investment Options, and voluntary and automated enrollment processes.
ERISA Fiduciary Support
Consulting services to help plan sponsors assess a plan’s compliance with ERISA fiduciary requirements or assist plan sponsors in understanding these responsibilities
- Fiduciary reviews – Conducting a detailed review of the plan to help plan sponsor assess its current compliance with ERISA’s fiduciary requirements and identify areas requiring remediation
- Fiduciary Education – Providing educational resources to help plan sponsors understand and meet their fiduciary obligations
- ERISA 404(c) review – Providing information to help plan sponsors evaluate the plan’s compliance with ERISA 404(c) standards of appropriate investment diversification and investment information that enable the plan to transfer liability and responsibility of investment decisions to participants
- ERISA 3(21) fiduciary services – Providing guidance to Plan on investment selection and removal and rendering plan investment advice.
Financial & Investment Services
Investment advisory consulting services to aid in establishing and documenting processes for establishing a plan’s asset allocation and evaluating, selecting, monitoring and replacing investment options
- Investment policy statement assistance – Assist with the preparation and review of a formal investment policy statement that defines specific processes to be used for evaluating, selecting, monitoring, reviewing and changing a plan’s asset allocation and investment options
- Asset allocation – Analyzing employee demographics and the current plan lineup to recommend an appropriate mix of asset classes and investment styles that can address the needs of participants with varied investment goals, life-stage challenges and investment knowledge
- Manager evaluation and selection – Using objective, prudent processes for researching, evaluating and recommending a diversified, cost-efficient lineup of active and/or passive investment options for the plan
- Performance monitoring and reporting – Evaluating and reporting performance and risk characteristics of the plan’s investment options and recommending changes where appropriate
- Qualified Default Investment Alternative Evaluation and Recommendation – Researching evaluating and recommending QDIA options and general suitability requirements for participants who do not make investment elections or re-enrolled automatically
- Investment reviews – Conducting and presenting quarterly and/or annual reviews of the plan’s investments to evaluate performance, risk characteristics and expenses, and recommend changes where appropriate
Provider Selection Support
- Plan provider consulting – Evaluating bundled or unbundled retirement plan service providers, including record-keepers, third party administrators, trustees, custodians, investment companies and legal and accounting professionals
- Conversion and installation – Scheduling and coordinating plan transitions, investment mapping strategy, employee communications and participant enrollment.
Education & Retirement Planning
Online and print resources and one-on-one consulting services to encourage enrollment and help participants choose appropriate deferral rates and investment elections
- Employee enrollment – Leading or co-presenting enrollment meetings and/or providing online or printed educational materials to encourage participation and help employees choose appropriate deferral rates and investment elections.
- Investor education – Providing a broad range of targeted online or printed investment education materials that address the varied needs of investors with different financial goals, life-stage issues, and levels of investment knowledge.
- Investment guidance – Providing participants with access to online or offline retirement planning tools to help them make appropriate contribution and investment election decisions.
- ERISA 404(c) education – Providing participants with detailed and timely information on the plan’s investment options consistent with ERISA 404(c) regulations, if appropriate.
- Retirement income planning – Working with pre-retirees or those approaching age 70 ½ to evaluate their retirement income needs and implement strategies for managing, spending and investing voluntary or mandatory distributions from their retirement accounts.
- Participant educational services – Helping participants evaluate their retirement savings goals and implement appropriate contribution and investment decisions.
- Monitoring Education Results – Measuring improvement of participation rates and employee contribution rates, reviewing overall asset allocation of plan assets and reviewing plan demographic data to identify positive or negative trends among employee groupings.
Monitoring Plan Performance
- Plan benchmarking – Comparing a plan’s services, investments, features and fees versus those of comparable plans in similar-sized organizations
- Fee reporting and analysis – Assist the plan sponsor in obtaining and evaluating all fees paid by the plan and participants, to all service providers, advisors and investment companies, and identifying appropriate opportunities for cost-savings.
We are committed to total full fee transparency prior to working together. We will work with the Plan Sponsor to determine the appropriate method to determine fees paid and transaction costs, as well as the frequency to review the fees and method of adjustment. Fees may either be paid out of Plan assets, or separately by the Plan Sponsor, whichever the Plan Sponsor decides. There are a number of ways to work with Comprehensive Benefit Services.
- Fees on Plan Assets (schedule as follows)
- 0-500k – 1.00 %
- 500k-1m – .85%
- 1m-2.5 – .70%
- 2.5m-5m – .55%
- Over 5M – .40%
- Hourly consulting fee ($300/hr)
- Flat Fee Service