Historically, plan sponsors have managed retirement plans by relying on the business judgement of their executives and staff. Although genuine and well-meaning in their conduct, such individuals are usually unaware that well-meaning is an insufficient basis from which to assure sound fiduciary practices will be implemented. As a result, decisions regarding plan administration, operational and regulatory compliance, the process for appointing fiduciaries, investment management decisions, and service provider selection and oversight (just to name a few) are too often made with inadequate fiduciary knowledge and perspective. Sound fiduciary judgement will certainly shine a different light on the same set of circumstances and allow one to reach conclusions that may be undiscerned by those who lack understanding in fiduciary prudence and expertise. Simply stated, as a matter of law, only sound fiduciary judgement counts.
Fiduciary Consulting Group provides compliance consulting or a turnkey, plan management solution for any company or organization that sponsors a retirement plan. Outsourcing the management of a retirement plan protects the organization and executives from conflicts of interest AND allows the executives along with human resources, benefits, and finance staff to focus their time and energy on their work, productivity, and profitability.
Fiduciary Consulting Group will accept the role of the ERISA 3(16) Plan Administrator and 402 Named Fiduciary. Upon engagement, the plan document is amended to transfer the management responsibilities of the plan to our firm. Our team of professionals focus on prudent and effective oversight of the plan to ensure plan participants have a successful retirement plan experience. This provides plan sponsors with peace-of-mind knowing a professional and independent fiduciary firm has taken stewardship responsibility over their plan.
We appreciate your interest in effective plan management and fiduciary compliance of your retirement plan. Thank you for your consideration of Fiduciary Consulting Group as your compliance consultant or Responsible Plan Fiduciary.
Employers make a significant investment if time and expense in order to provide their employees a quality retirement program. In addition, there have been significant changes in the regulatory environment in recent years. These changes have created challenges and risks for those responsible for managing these retirement programs.
As a trusted leader in fiduciary and compliance management, Fiduciary Consulting Group helps mitigate ongoing retirement plan risk management and expense by providing effective outsourcing solutions that drive successful outcomes for both the plan sponsor and the plan participants.
As a plan sponsor, or one in an executive role, some key questions must be addressed in a realistic and un-bias manner:
Q: Do we have the knowledge and expertise to maintain compliance and effectively manage our retirement plan?
Q: Is our retirement plan effective in providing adequate benefits so our employees can retire with respect?
Q: Would it be a more effective use of executive and administrative staff's time to outsource the management and compliance responsibilities to a team of professionals?