Retirement Planning for Businesses

The following is a hypothetical example of retirement planning for businesses:

We are contacted by a business that needs help with its company 401(k) plan. There are inconsistencies in record keeping, and employee participation is low. We also see some inefficiencies in how it is paying for services.

We learned that their goals are to:

Organize their records
Increase employee participation in the 401(k) plan
Ensure that all services being paid for are being delivered
Maintain efficient and consistent payroll for their offices across multiple locations
Become more educated and fully understand their fiduciary responsibility with a documentable process in place

The solutions we can help provide to this company are:

Conduct a Request for Proposal (RFP), fee, and fund benchmarking analysis
Present vendor proposals and assist the committee in making a vendor selection
Assist with transition to the chosen vendor to better deliver the services promised with their retirement plan platform
Provide documentation for the due diligence process and a description of the services and potential fee savings with the new provider
Schedule regular education to employees by the vendor on the benefits of 401(k)s and help them save for their own retirement
Oversight of the provider service delivery and help with the integration of their payroll so they are able to operate more efficiently and effectively

The preceding is a hypothetical case study and is for illustrative purposes only. Actual performance and results will vary. This study does not represent actual clients but a hypothetical composite of various client experiences and issues. Any resemblance to actual people or situations is purely coincidental. This case study does not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted.