- Stay on top of regulatory updates and new regulations: Identify specific plan design and documentation requirements from SECURE 2.0 Act of 2022.
- Secure protection and mitigate risk through fiduciary oversight, which can result in:
- Reduced retirement plan sponsor liability
- Improved retirement plan participant outcomes
- Increased retirement readiness of plan participants
- Prepare for an audit with an operational compliance review:
- Conduct a self-audit to confirm the plan’s operations comply with requirements set by the Department of Labor (DOL) and ERISA
- Self-audits can be:
- Broad — focused primarily on plan documents, annual filings and compliance testing, or
- Detailed — covering everything from internal payroll processes to spot-checking select records or transactions from the recordkeeping system
- Understand the impact of retirement plan design and offer a competitive retirement program that:
- Helps improve employees’ retirement readiness
- Sets the organization apart from other employers when recruiting or retaining employees
- Oversee the day-to-day plan administration, including reporting and recordkeeping requirements (in addition to many of the items listed above). With the long list of responsibilities and liability risks, this duty is often outsourced to a third party so employers can focus on their business.
- Help employees improve retirement readiness by developing and implementing a successful financial well-being program that:
- Mitigates projected economic costs to the organization
- Increases plan participation and deferral rates
- Encourages employees to take control of their finances and save more for their future
Case Study: Best Practices Can Reduce Plan Costs
Establishing best practices often requires assistance from experts, and USICG has provided retirement plan expertise to clients for decades. A technology company reduced their 401(k) plan investment costs by 80% by implementing a new investment policy statement developed with the guidance of USICG and heeding our team’s advice on the selection of plan investments.1 USICG’s services also brought savings of nearly $30,000 because the company did not need to hire an outside investment advisory firm to select and monitor the plan’s investments.2
How USI Consulting Group Can Help
Employers that sponsor corporate retirement plans are continually concerned with the handling of a myriad of plan responsibilities and considerations. USICG has the expertise to help employers understand the multiple types and ways that fees get charged to employers and retirement plan participants, as well as benchmarking these fees to find and execute fee reductions.
To learn how we can help you, please contact your USICG representative, visit our Contact Us page or reach out to us at email@example.com.
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