Navigate Plan Management with an Expert at Your SideYour company’s 401(k) plan can play a key role in attracting top-notch talent and makes a strong statement about your commitment to the financial wellness of your employees. But managing a retirement plan comes with its share of fiduciary risks and baffling jargon. We understand that overseeing the retirement plan is only part of your job. We help you navigate the maze of regulations and implement fiduciary best practices that keep your plan focused on building better futures for your employees. MRPA can help you have confidence that your 401(k) plan is on the right track.
Questions our Clients Ask:
- Can you itemize all our plan fees in a clear one-page summary?
- How does our 401(k) plan compare to others?
- Am I a fiduciary?
- Will you help us organize and run the retirement plan committee?
- How do we mitigate the risks of compliance and litigation?
- Will you help our employees understand the plan and make good decisions?
- Participation increased from 61.9% to 94.5%
- Salary deferrals began to increase automatically year-by-year
- Recordkeeping costs dropped by 63% and investment fees by 51%
- Fees are now clearly defined, understood, and controlled through a fixed revenue requirement
- The Board of Directors can have confidence that their plan’s fiduciary oversight follows a sound, well-documented process that mitigates financial liabilities
A health provider had about 500 plan participants spread among multiple locations and worked directly with their plan recordkeeper. Plan participation was low and fees were high. When a local broker suggested a competing product as the solution, the Board of Directors instead decided it was time to hire a truly independent retirement plan consultant. MRPA was hired and immediately went to work. We conducted an in-depth RFP, set new standards for plan fees and investment selection, and recommended plan design changes to drive positive retirement outcomes.