Is it time to hire a specialized advisor to run your company’s 401(k) plan?

While you may be great at running your company, you might not have the expertise to run the 401(k) plan for your employees.  The Retirement Plans Services team at Budros, Ruhlin & Roe is dedicated to helping you manage your liability as a plan sponsor and help you establish a fiduciary process to maintain a compliant plan.

Why should you hire a fiduciary specialist to manage your company’s plan?

Due to rule changes enacted by the Department of Labor (DOL), retirement plan sponsors will face tighter regulations. The right retirement plan advisory firm has an experienced team that can help you minimize risks such as lawsuits, accusations of providing inadequate and/or overly expensive investment options, DOL audits and penalties for noncompliance.   Many times, the advisor will recommend the creation of an Investment or Retirement Committee within your company, which can help to choose the menu of funds the plan will invest in. Additionally, the advisor can work with your employees through group and individual meetings to provide retirement education to your employees.

Many plan sponsors are enlisting the advice of specialist advisors, such as Chartered Retirement Plan Specialists (CRPS®), who have expertise in the process of designing, installing and maintaining company retirement plans, and Accredited Investment Fiduciaries (AIF®), who are trained to help you fulfill your fiduciary responsibilities.   Budros, Ruhlin & Roe employs both CRPS® and AIF® professionals, who, as a team, can provide you with personal comfort and your employees with the opportunity and resources needed to plan and save for retirement.

What information will I have to provide in an initial inquiry?

A retirement plan advisor, like Budros, Ruhlin & Roe, may ask you the following about your current plan:

  • Number of plan participants
  • Amount of plan assets
  • How expenses are paid
  • Available investment options
  • Office location(s)

The advisor will use this information to better understand your company’s retirement plan and its participants, so they can then work with you to meet your goals and responsibility as a plan sponsor.

How can BRR help?

Choosing the right partner to help you fulfill your responsibilities shouldn’t be done without due diligence. For over 30 years, our team of experts have worked in a fiduciary capacity to serve our clients. Our dedicated Retirement Plans Services team can assist with:

  • Streamlining your fiduciary role
  • Comparing available third party administrators (TPAs) and record keeper providers
  • Creating and reviewing investment policy statements
  • Providing education to employees to encourage plan contributions

Contact our team today at info@b-r-r.com to start the conversation.

Written by Emily Zeller, CRPS®