Fulfill your legal obligations

Fiduciary Review

As a sponsor of a retirement plan, your company has a fiduciary obligation to the beneficiaries of the plan. Being a fiduciary means you and your company are legally responsible (and personally liable) for maintaining a plan that has reasonable fees, appropriate investment choices, and is in the best interest of employees.

Employers are legally required to periodically monitor and review retirement plan providers

A Fiduciary Review of your retirement plan will benchmark your plan’s fees, performance, and investment options. The review will also help you understand your liability exposure and will help fulfill your legal obligation to monitor plan providers under the Employee Retirement Income Security Act (ERISA).

What You’ll Learn With A Fiduciary Review

Purposeful SP will order a Retirement Plan Diagnostic from Advisor Lab, a leader in retirement plan benchmarking. We’ll then review the report with your company, helping you understand your liability and your fiduciary obligations. Sample Diagnostic

Appropriateness of Plan Investment Options

Poor investment options within a plan are a source of both liability and employee dissatisfaction. We’ll analyze the investment options within your plan to identify areas of strength and weakness. You’ll learn how your plan is structured and how it compares to other plan averages in:

  • Plan Net Annualized Return

  • Performance of Investment Options

  • Diversification Available Through Plan Investment Options

  • Underlying Investment Overlap

True Plan Cost for Employer & Employees

High plan fees are often the largest source of pain for both your company and your employees. Worse, high fees are a major factor in the lawsuits being brought against employers for their retirement plans. We’ll analyze the true cost of your plan and compare it to plan averages. You’ll learn:

  • Full Breakdown of Plan Fees

  • Benchmarked Expense Ratios and Other Fees of Investment Options

  • Commissions and Hidden Fees as Both Dollars and Percentage of Assets

  • Projection of Account ‘Losses’ to Fees

Overall Plan Effectiveness

One of the reasons you have a retirement plan is to attract, retain, and reward better employees. Unfortunately, many retirement plans aren’t fully fulfilling this promise. We’ll compare your company’s key effectiveness metrics against industry benchmarks and review potential areas of concern. You’ll learn how well your plan stacks up against competitors relating to:

  • Employee Participation Rate

  • Employee Utilization Rate

  • Employer Contribution

  • Participant Contribution

  • Employee Account Balance

Proper Fiduciary Delegation can

Reduce Liability

If you were surprised that your retirement plan is a source of company and personal liability, you can reduce your liability through proper delegation of your fiduciary duty. Learn more about your options to reduce your liability.

Even if you have delegated some of your fiduciary duties, your company always has the legal responsibility to monitor the plan providers. A Fiduciary Review helps demonstrate you are fulfilling your fiduciary obligation.

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Take the First Step

We start with a free initial Discovery Meeting to explore a Fiduciary Review of your retirement plan.