How Our Additional Plan Services Help to Protect Your Fiduciaries
In addition to our investment advisory services, Bedel Financial Consulting, Inc. provides plan oversight services. We offer our plan sponsor clients access to expert advice with a bias toward providing maximum participant benefits while limiting your fiduciary liability. Services include:
Contract Compliance
Bedel Financial Consulting, Inc. will perform a “watchdog” function for plan sponsors that includes monitoring TPA and product provider(s) compliance with all contract deliverables including:
Bedel Financial Consulting, Inc. will perform a “watchdog” function for plan sponsors that includes monitoring TPA and product provider(s) compliance with all contract deliverables including:
- Implementation of proposed transition plan
- Policy and Procedures Guide
- Recommendation for annual plan audits
- Depository/custodian bank procedures
- Participant account reporting
- Act as a liaison between the plan sponsor and the product/service providers
- Evaluate new offerings (funds, investment products and services) available in the defined contribution marketplace to meet the evolving needs and objectives of the plan sponsor
Plan Service Delivery
Plan utilization is a key determinate of the success of a defined contribution retirement benefit offering. We provide plan service delivery oversight including:
Plan utilization is a key determinate of the success of a defined contribution retirement benefit offering. We provide plan service delivery oversight including:
- Vendor staffing – level and qualifications
- Access points - Telephone, web-based, on-site
- Participant communications - statements, newsletters, web content, etc.
- Monitor/review participant complaints
- Monitor/evaluate effectiveness of employee education and investment advice delivery
Fees
We will monitor the competitiveness of your plan’s fee structure within the marketplace. Special attention is directed toward the negotiation of reimbursement rates with mutual funds and subsequent revenue sharing arrangements. This is a critical element of plan pricing since all reimbursement fees received from the mutual fund companies directly offset recordkeeping expenses. Additional services include:
We will monitor the competitiveness of your plan’s fee structure within the marketplace. Special attention is directed toward the negotiation of reimbursement rates with mutual funds and subsequent revenue sharing arrangements. This is a critical element of plan pricing since all reimbursement fees received from the mutual fund companies directly offset recordkeeping expenses. Additional services include:
- Accuracy of fee formula and its application to participant accounts to provide true cost analysis at both plan and participant levels
- Product and TPA/recordkeeping fees
- Asset-based vs. per participant fees
- MVA or surrender charge negotiation/recovery
Request for Proposals (RFP)
We will provide consulting services to assist plan sponsors in retaining all needed plan products and services including a third-party administrator, a fixed and/or stable value provider(s), a self-directed brokerage account and managed account services. RFP services include:
We will provide consulting services to assist plan sponsors in retaining all needed plan products and services including a third-party administrator, a fixed and/or stable value provider(s), a self-directed brokerage account and managed account services. RFP services include:
- Write RFP/RFQ documents incorporating the client’s goals as well as regulatory, participant service, administrative and pricing objectives.
Review and evaluate proposals submitted by service and/or product providers and provide the plan sponsor with information and/or recommendations with a bias toward providing maximum participant benefits while limiting your fiduciary liability.
