Objective guidance and a wide variety of choices are imperative when selecting a provider for your business retirement plan. Relying on your internal expertise in the retirement plan marketplace, input from our advisors and specialists, and the assistance of a third-party research firm, we have identified, evaluated and selected highly qualified and committed companies from more than 100 potential retirement plan providers.
The structure of your retirement plan is an important part of what makes it successful. Other factors to consider when establishing an employer-sponsored retirement plan include:
- What administrative and investment management services does the plan require?
- Should a defined contribution plan be trustee-directed or participant-directed?
- As an ERISA fiduciary, what duties does a plan sponsor have and what standard of care is expected of a fiduciary in carrying out those duties?
- Is there any way to reduce exposure to fiduciary liability through plan design?
- What is an Investment Policy Statement? Does the plan need an IPS?
- What is the best way to educate employees about the importance of plan participation and saving for retirement?
A number of business retirement plan structures exist. Here are a few of the options available to you.
Qualified Benefit Plans
For the success of any business retirement plan and the financial security that it strives to achieve, consistency and proper guidance are a must. Your advisor will collaborate with you, advocate for you, and offer many levels of assistance including:
- Enrollment meetings
- Investment education
- Retirement preparation
- Rollover services
- Plan design assistance
- Facilitate provider/TPA selection and review
- Plan implementation and conversions
- Provide plan benchmarking information
- Provide investment research data
- Performance monitoring assistance
- Aid in plan investment changes
- Present investment performance data
- Fiduciary education
- Sample investment policy statement
- ERISA Section 404(c) education
- Plan due diligence documentation
After carefully evaluating your company’s needs, your advisor will be able to provide the resources, relationships, expertise, and objectivity to help you and your retirement plan partner with a reputable provider.
Business Retirement Plan Services are provided through Northwestern Mutual Investment Services, LLC.