Advisers Help Sponsors with Goals, Compliance

A report, “Seven Reasons for Hiring a Dedicated Retirement Plan Advisor,” released by Strategic Benefits Services (SBS), says working with a retirement adviser can help plan sponsors meet their fiduciary responsibilities and improve the probability of investment goals being achieved, as well as help ensure their company stays competitive in the marketplace and compliant with government regulations.

“With complex regulatory reform in the retirement arena, more companies need to re-examine their retirement plans,” said James Kelley, SBS president. “Working with a plan adviser dedicated to retirement ensures your organization is kept abreast of changes in the industry and in the regulatory environment. From helping the institution establish investment policies to conducting ongoing audits, a plan adviser interprets all relevant developments for its clients, ensuring they are meeting their fiduciary responsibilities.”

The report points out that retirement advisers can help plan sponsors make prudent investment decisions by offering their expertise in this area, which the plan sponsor may not possess. Advisers may also help plan sponsors avoid legal action that can be brought against them as individuals.

Advisers are helpful in establishing investment policies and procedures, according to the report. An adviser can review existing policies and determine what gaps need to be filled. Overall, they can provide a “framework for consistent investment decisions” through an investment policy statement (IPS), either by creating one or by updating a company’s existing IPS.

A free copy of the report can requested here.

SBS, an affiliate of the Healthcare Association of New York State, is a retirement plan consulting firm.