Every municipal retirement plan has unique goals and objectives. Municipal plans can entail overseeing multiple providers, understanding intricate compliance and testing requirements, selecting investment options for plan participants, and juggling fiduciary responsibilities – all while helping your faculty and staff maximize their retirement income potential.
The following questions may help you, as a municipal retirement plan sponsor, identify priorities and develop a strategy to achieve your retirement plan goals. Take a few moments to carefully consider the answers to the following questions that may help you, as a retirement plan sponsor, identify your priorities and develop a strategy to achieve your retirement plan goals.
- Do you have a clear understanding of the cost of your retirement plan, both in “hard” and “soft” dollar terms? How are fees disclosed by your current service providers?
- What challenges have you encountered as a plan sponsor in keeping pace with evolving regulations and legislation and ensuring your plan is in compliance?
- Do you fully understand your fiduciary duty as a plan sponsor? What type of tools and resources are available to you to help you meet your fiduciary responsibilities?
- What plan administration functions do you outsource to your service provider, and does your provider take on fiduciary responsibility for those functions?
- How do you pay for plan costs such as audits, consultant work, and outsourcing?
- If you work with multiple providers for retirement plan management, what challenges do you face with compliance issues, coordination of plan communications, and prudent selection and monitoring of investments?
- Do you understand the difference between individual and group contracts?
- If a fixed account is being offered, is it part of a general or separate account? How liquid is the fixed account product?
- Do you have an investment policy statement that is an integral tool in ongoing plan management? Does it address a due diligence process for fund evaluation or a process for replacing underperforming funds?
- Do you have a communications strategy that holds your plan provider accountable for meeting stated objectives pertaining to items such as deferral percentages, asset allocation and participation rates?
For assistance in analyzing your plan, please contact Integrity Benefit Partners at 860-521-401k or firstname.lastname@example.org.
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This material was created to provide accurate and reliable information on the subjects covered. It is not intended to provide specific legal, tax or other professional advice. The services of an appropriate professional should be sought regarding your individual situation. Integrity Benefit Partners and its affiliates do not provide legal or tax services.
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This material is courtesy of RPAG