Category: Plan Sponsor
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The Plan Sponsor’s Pursuit of Transparency in Plan Fees and Structure
Transparency is a non-negotiable, fundamental requirement for plan sponsors when assessing and overseeing any retirement program. Both plan participants and the fiduciaries deserve, and must be provided with, a clear understanding of all fees, direct and indirect expenses, and charges associated with the plan’s administration, recordkeeping, and investment management. Any form of complexity in fee…
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Ensuring Continuity: Succession Planning for the Retirement Plan Committee
Plan sponsors often rely heavily on a dedicated retirement plan committee or a team of executives to manage the plan’s essential day to day operations, monitor its investments, and handle required compliance. Especially for non-profits, this committee is often made up of faculty (higher ed) or board of trustee members who don’t have an explicit…
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Why Retirement Plan Efficiency Matters for Mission-Driven Organizations
Efficiency is often discussed in financial terms, but for non-profits it also has a moral dimension. Every resource saved through greater efficiency is a resource that can be redirected toward advancing the mission. This is particularly true in the context of retirement plans, where inefficiencies in administration or compliance can drain both financial and human…
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Building Board Confidence Through Retirement Plan Education
Non-profit boards carry significant fiduciary responsibility, but not every member comes to the table with experience in retirement plan management. This can create hesitation when making decisions about plan structures and oversight. Education is the key to building confidence and ensuring that boards are empowered to fulfill their fiduciary duties effectively. Educational initiatives might include…
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Navigating Regulatory Changes: What Plan Sponsors Need to Know
The regulatory landscape governing retirement plans is complex, and constantly evolving, presenting an ongoing, significant operational challenge for plan sponsors who must ensure continuous compliance. New legislative acts, clarifications from regulatory bodies, and shifting enforcement priorities require plan sponsors to maintain exceptional vigilance and consistently adapt their internal administrative practices. Failing to keep rigorous pace…
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Reducing Fiduciary Risk in Non-Profit Retirement Plans
Serving as a fiduciary to a retirement plan carries significant responsibility. The legal requirement to act in the best interest of participants is clear, but the practical execution of that duty can be complicated. For non-profit boards, which are often composed of volunteers with diverse professional backgrounds, the burden of fiduciary responsibility can be both…
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How Retirement Plans Impact Non-Profit Recruitment and Retention
Attracting and retaining talented staff is one of the most pressing challenges for non-profit organizations. While salaries in the sector may not always match those in the corporate world, strong benefits can help organizations remain competitive. Retirement plans are a key part of this equation, as they provide employees with confidence that their organization cares…
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Empowering Employees: The Plan Sponsor’s Role in Retirement Education
Technical plan design and strong market returns are secondary to the program’s real ultimate goal: participant engagement. Without high levels of employee participation and informed decision-making, even the most sophisticated investment strategy fails to deliver meaningful results. The plan sponsor’s most critical role, therefore, is to proactively empower employees with the education and tools necessary…
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Shifting Focus: How Plan Sponsors Can Reclaim Time for Mission Work
For many plan sponsors, particularly those operating in the non profit sector, the continuous administrative demands of managing a complex retirement plan can regrettably divert valuable staff time and financial resources away from the organization’s core mission. Essential but time consuming tasks like preparing for and executing annual plan audits, accurately completing complex Form 5500…
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Essential Due Diligence Steps for Plan Sponsors Reviewing Their Retirement Program
The fundamental fiduciary duty of a plan sponsor includes conducting regular, formal, and thorough due diligence on the organization’s retirement program. This critical process is not merely a once a year formality to check a box, but rather an ongoing, systematic process designed to ensure that the plan remains prudent, competitive in the market, and…