Compliance and plan oversight are vital to retirement planning. As individuals and companies work to secure a stable financial future, education, administration and professional investment guidance become increasingly important.
Working with a specialist advisory team offers numerous benefits, including proactive compliance management, tailored education to meet specific needs and strategic investment oversight, all of which contribute to a thorough documented fiduciary process. Here’s how the dedicated efforts of specialist advisory teams can significantly improve your company’s retirement planning outcomes.
Compliance and Oversight
Keeping a retirement plan in compliance is often one of the biggest struggles that plan sponsors face. The regulatory environment surrounding retirement plans is complex, making oversight essential. Specialist advisory teams provide this oversight, helping plans and plan sponsors comply with current laws and regulations. This oversight extends to the plan’s administration, where common pitfalls such as payroll setup errors, not following the provisions in the plan document and failure to send timely notices can lead to significant liabilities for companies.
Education for Administrators and Employees
Employee education plays a vital role in the management of retirement plans. It provides employees with the information necessary to make informed decisions about their retirement savings. Effective retirement plan management hinges on providing customized education, tailored by a specialist advisory team, to meet the unique needs of each company and its employees, whether through in-person, online group meetings or one-on-one sessions.
Investment Monitoring and Management
Selecting and monitoring investments within a retirement plan is critical to achieving long-term financial goals. Specialist advisory teams provide the knowledge needed to understand the risks and diversification of plan investments. Through documented processes and established policies, practices and procedures, specialists ensure that the investment portfolio aligns with the goals and risk tolerance of the plan participants.
To Sum it Up
Retirement plan management is necessary and can often be complex. Effective management involves compliance, education and investment oversight. Partnering with a specialist advisory team like Advo(k)ate Advisors can help your company handle the complexities to help keep your plan in compliance, keep your employees well-informed and diversify plan investments. These strategies can help protect companies from potential liabilities and help achieve long-term financial goals.
